{"id":10812,"date":"2012-05-29T10:15:24","date_gmt":"2012-05-29T08:15:24","guid":{"rendered":"http:\/\/www.myza.co.za\/05\/south-africas-rand-edges-firmer-market-awaits-gdp\/"},"modified":"2012-05-29T10:15:24","modified_gmt":"2012-05-29T08:15:24","slug":"south-africas-rand-edges-firmer-market-awaits-gdp","status":"publish","type":"post","link":"https:\/\/www.myza.co.za\/press\/south-africas-rand-edges-firmer-market-awaits-gdp\/","title":{"rendered":"South Africa&#8217;s rand edges firmer, market awaits GDP"},"content":{"rendered":"<p>\t\t<span><\/span><\/p>\n<p><span class=\"articleLocation\">JOHANNESBURG<\/span> May 29 (Reuters) &#8211; South Africa&#8217;s rand ticked<br \/>\nup slightly against the dollar on Tuesday although concerns<br \/>\nabout the banking sectors of some European countries are<br \/>\nexpected to keep a lid on risk appetite and curb gains by<br \/>\nemerging market assets.<span><\/span><\/p>\n<p><span><\/span><\/p>\n<p>The main focus for the day should be on the debt problems in<br \/>\nEurope, but domestic GDP data due out at 0930 GMT will be the<br \/>\nlatest gauge on whether Africa&#8217;s largest economy needs more<br \/>\nstimulus in the form of interest rate cuts later this year.<\/p>\n<p><span><\/span><\/p>\n<p>At 0628 GMT, the rand traded at 8.3215 against the dollar,<br \/>\n0.31 percent firmer than Monday&#8217;s close of 8.3475.<\/p>\n<p><span><\/span><\/p>\n<p>Some analysts say the rand is looking oversold after<br \/>\nweakening 7.8 percent so far this month on fears that if<br \/>\ncountries like Greece are forced into a chaotic departure from<br \/>\nthe euro zone, South Africa would be rocked by the damage in its<br \/>\nmajor export market.<\/p>\n<p><span><\/span><\/p>\n<p>&#8220;Today I continue to favour the 8.28-8.40 range, cautious<br \/>\nthat we are still due a correction in stale short-term long<br \/>\ndollar positions but happy to take advantage of any major move<br \/>\nlower to get long again,&#8221; Standard Bank trader Warrick Butler<br \/>\nsaid in a note.<\/p>\n<p><span><\/span><\/p>\n<p>&#8220;Bear in mind that today is also the start of corporate<br \/>\nmonth-end and demand will pick up from local importers.&#8221;<\/p>\n<p><span><\/span><\/p>\n<p>Government bonds weakened slightly in early trade, nudging<br \/>\nthe yield on the three year paper 1.5 basis points<br \/>\nhigher to 6.38 percent while that for the 14-year issue<br \/>\n added a basis point to 8.34 percent.<\/p>\n<p><span><\/span><\/p>\n<p>Yields could head lower if data from Statistics South Africa<br \/>\npoints to lower growth in the first quarter of the year, with<br \/>\neconomists polled by Reuters last week seeing a slowdown to 2.4<br \/>\npercent in Q1 from 3.2 percent in Q4 2011..<\/p>\n<p><span><\/span><\/p>\n<p>(Reporting by Stella Mapenzauswa; Editing by Jon Herskovitz)<\/p>\n<p><span><\/span><\/p>\n<p class=\"copyright\">\n<p>         \t\t\u00a9 Thomson Reuters 2012 All rights reserved<\/p>\n","protected":false},"excerpt":{"rendered":"<p>JOHANNESBURG May 29 (Reuters) &#8211; South Africa&#8217;s rand ticked up slightly against the dollar on Tuesday although concerns about the banking sectors of some European countries are expected to keep a lid on risk appetite and curb gains by emerging market assets. The main focus for the day should be on the debt problems in [&hellip;]<\/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-10812","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\/10812","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=10812"}],"version-history":[{"count":0,"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/posts\/10812\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/media?parent=10812"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/categories?post=10812"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/tags?post=10812"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}