Rand Rebounds on ECB Efforts
The South African rand strengthened today as the European Central Bank announced it’s planning to lend dollar to the European bank in an effort to support the European banking system and to boost liquidity.
The ECB announced it’s going to perform liquidity operations in tandem with the Federal Reserve, the Bank of England, the Japan of Bank and the Swiss National Bank. The effort of the central banks reduced concerns about the Eurozone banking system. Analysts think that the optimism may be
USD/ZAR fell from 7.3730 to 7.3710 as of 17:10 GMT. Today’s intraday high was 7.460 and the intraday low was 7.3120.
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Bank of England, Bank of Japan, Europe, European Central Bank, Federal Reserve, Rand, South Africa, Swiss National Bank, USD/ZAR
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Earlier News About the South African Rand:
- European Crisis Isn't Good for Rand (2011-09-12)
- Rand Fluctuates as Traders Uncertain About Global Growth (2011-09-02)
- Rand Advances with Stocks & Metals (2011-08-29)
- Rand Weakens on Prospect of Interest Rates Cut (2011-08-22)
- Rand Near Monthly High vs. USD on Rate Difference, US Uncertainty (2011-07-26)