The rand was firmer in noon trade on Wednesday as the dollar came under further pressure with strong data from China and Japan, a new record high in the price of gold and a generally firm performance by equities helping to lift global sentiment.

Hints by a top US Federal Reserve official that authorities won't step in to boost the greenback unless its decline becomes "disorderly" put additional pressure on the US unit.

At 11.55am the rand was bid at 7.3449 to the dollar from 7.3703 at its previous close. It was bid at 11.0467 to the euro from its previous close of 11.0380 and was at 12.2973 against sterling from 12.3194.

The euro was bid at $1.5040 from $1.4984 overnight.

"The dollar is still under a lot of pressure, so we have seen the rand firm. But it is a US holiday today, so we're not likely to see it move much further. We're still looking at a range for the day of around 7.34-45 against the dollar," a local currency trader said.

Dow Jones Newswires meanwhile reports that the dollar is under pressure in European trading hours after a top US Federal Reserve official hinted that authorities won't step in to boost the buck unless its decline became "disorderly."

In a speech late Tuesday, Federal Reserve Bank of Dallas President Richard Fisher said he is aware that the Fed's current stance of keeping interest rates low for an "extended period" was denting the dollar.

His comments mark the first mention from the Fed on the so-called carry trade, where investors sell currencies with low interest rates to buy higher-yielding units ? a common theme in the foreign exchange markets that has already put the dollar under pressure in recent months.

Fisher added that if the carry trade "were...to become a disorderly influence" he would expect authorities to "craft an appropriate remedy."

However, traders have seized upon the implication that Fed officials do not see the dollar's decline as disorderly at this point, triggering a fresh wave of dollar selling Wednesday. Dovish comments from three other Fed speakers Tuesday also supported the move.

Eskom auction bodes well

Bonds edged into the black during the morning session on Wednesday after a successful Eskom bond auction.

By 11.44am, the short-term government R154 bond was bid at 7.060 percent from a previous close of 6.955 percent. The medium-term R157 was at 8.275 percent from 8.280 percent, while the long-term R186 was at 8.880 percent from 8.885 percent before.