{"id":10700,"date":"2012-05-25T22:02:05","date_gmt":"2012-05-25T20:02:05","guid":{"rendered":"http:\/\/www.myza.co.za\/05\/greek-euro-worries-put-pressure-on-s-africa-rand\/"},"modified":"2012-05-25T22:02:05","modified_gmt":"2012-05-25T20:02:05","slug":"greek-euro-worries-put-pressure-on-s-africa-rand","status":"publish","type":"post","link":"https:\/\/www.myza.co.za\/press\/greek-euro-worries-put-pressure-on-s-africa-rand\/","title":{"rendered":"Greek euro worries put pressure on S.Africa rand"},"content":{"rendered":"

\t\t<\/span><\/p>\n

* Focus back on Europe after rates decision<\/span><\/p>\n

<\/span><\/p>\n

* Rand under pressure as risk aversion resurfaces<\/p>\n

<\/span><\/p>\n

JOHANNESBURG<\/span> May 25 (Reuters) – Uncertainty over the future
\nof the euro zone returned to push the South African rand down
\nagainst the dollar on Friday, a day after a widely expected
\ncentral bank decision to keep domestic rates on hold.<\/p>\n

<\/span><\/p>\n

Government bonds closed little changed from previous levels,
\n following Thursday’s rally after the Reserve Bank sounded a
\ndovish tone on inflation, raising the prospect of interest rate
\ncuts later this year.<\/p>\n

<\/span><\/p>\n

The yield for three year paper was steady at 6.35
\npercent and that for the longer-dated 2026 issue shed
\na basis point to 8.315 percent.<\/p>\n

<\/span><\/p>\n

The rand was at 8.3825 to the dollar by 1627 GMT,
\n0.24 percent off Thursday’s close at 8.3625.<\/p>\n

<\/span><\/p>\n

The rand has fallen nearly eight percent against the dollar
\nsince the start of May, on track for its biggest monthly loss
\nsince September last year on renewed risk aversion as fears of
\ncontagion from a possible Greek exit from the euro zone mount.<\/p>\n

<\/span><\/p>\n

These fears, and the risk that other debt-plagued countries
\ncould also leave the bloc, pushed the euro to nearly two-year
\nlows against the dollar on Friday and emerging market currencies
\ndid not escape unscathed.<\/p>\n

<\/span><\/p>\n

“It’s still risk aversion, there’s still uncertainty because
\nof the debt levels and there hasn’t really been any consensus
\n(about a resolution),” said Brigid Taylor, head of institutional
\nsales at Nedbank.<\/p>\n

<\/span><\/p>\n

“Unfortunately that bodes ill especially for commodity based
\ncurrencies like the rand, with the commodities coming off.
\nThe rand has tried to test up to 8.40 again but it hasn’t
\nmanaged so it’s sort of stuck within that range of 8.32\/40 for
\nnow.”\t<\/p>\n

(Reporting by Stella Mapenzauswa; editing by Tim Pearce)<\/p>\n

<\/span><\/p>\n

\n

\t\t\u00a9 Thomson Reuters 2012 All rights reserved<\/p>\n","protected":false},"excerpt":{"rendered":"

* Focus back on Europe after rates decision * Rand under pressure as risk aversion resurfaces JOHANNESBURG May 25 (Reuters) – Uncertainty over the future of the euro zone returned to push the South African rand down against the dollar on Friday, a day after a widely expected central bank decision to keep domestic rates […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_genesis_hide_title":false,"_genesis_hide_breadcrumbs":false,"_genesis_hide_singular_image":false,"_genesis_hide_footer_widgets":false,"_genesis_custom_body_class":"","_genesis_custom_post_class":"","_genesis_layout":"","ngg_post_thumbnail":0,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":false,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2}},"categories":[1],"tags":[830,2370,183],"class_list":{"0":"post-10700","1":"post","2":"type-post","3":"status-publish","4":"format-standard","6":"category-south-africa","7":"tag-news","8":"tag-reuters","9":"tag-south-africa-2","10":"entry"},"jetpack_publicize_connections":[],"jetpack_featured_media_url":"","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/posts\/10700","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/comments?post=10700"}],"version-history":[{"count":0,"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/posts\/10700\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/media?parent=10700"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/categories?post=10700"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/tags?post=10700"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}