* Rand could break above 8.30/dollar
* Bonds weaker ahead of last auction of the year
* Stock futures down slightly
JOHANNESBURG, Dec 13 (Reuters) – South Africa’s rand
steadied against the dollar on Tuesday with the market wary of
taking on risky assets due to fears of possible sovereign
ratings downgrades in the euro zone.
The rand fell sharply in the previous session as investors
were disappointed by a lack of concrete action from euro zone
leaders to end the debt crisis after a summit last week.
Rating agencies warned the summit, viewed by some as a last
chance to save the euro, did not go far enough in easing
immediate concerns about the region’s debt markets.
Domestically, the debt market was weaker in line with the
currency ahead of a weekly auction – the last for the year.
Results will be out after 0900 GMT.
Domestic stocks looked set for a negative opening as global
markets were in the red. The JSE’s Top-40 December futures
contract was slightly down before the start of trade at 0700
GMT.
The rand was trading at 8.28 against the dollar at 0644 GMT,
not far from Monday’s New York close of 8.27.
Continued…
