The rand was little changed by noon on Monday, having earlier endured a spike to 8.25 against the dollar as a result of a mispricing on the Tokyo Financial Exchange.

At 11.47am the rand was bid at 7.8748 to the dollar from 8.1160 at its previous close. It was bid at 11.6362 to the euro from its previous close of 11.9713 and was at 12.9135 against sterling from 13.2901.

The euro was bid at $1.4776 from $1.4734 overnight.

A local trader said: "The rand spiked after the incorrect trading model for the Tokyo Financial Exchange (TFX) was used in Singapore, pushing the rand to 8.25 against the dollar.

"We have since come back down to 7.85, but it is obviously not good for the rand. There hasn't been much else to drive the local currency since then. We will continue to track equity markets," he said.

RMB analysts John Cairns and Nema Ramkhelawan said in a morning report: "For now the nervous markets will react strongly to any data signalling confidence and consumer intentions. As always the first week of the month is chock-a-block with data. We start with global purchasing managers indices today."

"Mid-week sees policy announcements from the Fed, BoE and ECB. We end the week with the big one: US non-farm unemployment data. Locally also we have the reserve figures, which will probably show a very small accumulation from the SARB in October. Finally we end with the G20 meeting over the weekend where markets will be looking for signs of disquiet from policymakers on the USD's continued decline," RMB said.

"After almost a 50-cent range on USD/rand last week, we can probably look for a 40-cent range this week (both numbers ignoring the spike to 8.25). Support is at 7.75. A test of 8.00 could come as soon as today if global data disappoints. This is slightly ironic given the 3.9 billion September trade surplus reported last week," Cairns and Ramkhelawan concluded.

Bonds remained on the back foot in noon trade on Monday having followed the rand weaker earlier.

By 11.50am, the short-term government R154 bond was bid at 7.210 from a previous close of 7.090 percent. The medium-term R157 was at 8.470 percent from 8.410 percent, while the long-term R186 was bid at 9.065 percent from 9.000 percent.

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