* Rand firms against dollar
* Bonds hold steady
JOHANNESBURG May 28 (Reuters) – South Africa’s rand firmed
against the dollar on Monday as opinion polls suggested Greece
may remain in Europe’s single currency, boosting global
investors’ sentiment towards riskier emerging market assets.
The rand had jumped 1.47 percent to 8.2754 against the
dollar at 0652 GMT, from Friday’s New York close of 8.4050.
“The market was a bit oversold last week. A lot of bets
against the euro saw the euro down at 1.25,” said Brigid Taylor,
head of Institutional Sales at Nedbank.
“We have consequently had a bounce over the weekend post
news that the pro-austerity party is getting the lead,” added
Taylor.
Opinion polls placed Greek conservatives ahead of their
rivals for a June 17 general election, triggering covering of
massive short positions on hopes Athens may agree to austerity
steps and avoid a euro exit.
Yields on benchmark bonds eased half a basis point, with
that on the three-year paper moving to 6.345 percent
and that on the longer-dated 2026 issue to 8.31
percent.
(Reporting By Tshepo Tshabalala; Editing by Ed Cropley)
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