{"id":10931,"date":"2012-05-31T10:28:47","date_gmt":"2012-05-31T08:28:47","guid":{"rendered":"http:\/\/www.myza.co.za\/05\/s-africas-rand-hits-6-mth-low-targets-8-60dollar\/"},"modified":"2012-05-31T10:28:47","modified_gmt":"2012-05-31T08:28:47","slug":"s-africas-rand-hits-6-mth-low-targets-8-60dollar","status":"publish","type":"post","link":"https:\/\/www.myza.co.za\/press\/s-africas-rand-hits-6-mth-low-targets-8-60dollar\/","title":{"rendered":"S.Africa&#8217;s rand hits 6-mth low, targets 8.60\/dollar"},"content":{"rendered":"<p>\t\t<span><\/span><\/p>\n<p>* Investors likely to maintain long-dollar positions<span><\/span><\/p>\n<p><span><\/span><\/p>\n<p>* Reserve Bank rules out intervention to support rand<\/p>\n<p><span><\/span><\/p>\n<p><span class=\"articleLocation\">JOHANNESBURG<\/span> May 31 (Reuters) &#8211; South Africa&#8217;s rand hit a<br \/>\nfresh six month low against the dollar early on Thursday before<br \/>\nrecouping some of its losses but could resume a slide towards<br \/>\n8.6 as Europe&#8217;s debt woes drive investors away from emerging<br \/>\nmarket assets to perceived safer havens.<\/p>\n<p><span><\/span><\/p>\n<p>The local unit fell to 8.58 to the greenback, its weakest<br \/>\nsince late November, before clawing back some ground to 8.5330<br \/>\nby 0650 GMT.<\/p>\n<p><span><\/span><\/p>\n<p>&#8220;There is a possibility of some pull-back as exporters step<br \/>\nin this morning but the real core of the matter still remains<br \/>\nthis massive uncertainty in Europe and risk-off associated with<br \/>\nthat,&#8221; said market analyst Quinten Bertenshaw of ETM.<\/p>\n<p><span><\/span><\/p>\n<p>&#8221; The core focus for most people is to stay long dollars so I<br \/>\nwould suggest that any dips back towards 8.40 will bring back<br \/>\nthe buyers with an eventual target of 8.60,&#8221; he added.<\/p>\n<p><span><\/span><\/p>\n<p>Governor Gill Marcus again ruled out any central bank<br \/>\nintervention to support the rand late on Wednesday, saying using<br \/>\nforeign exchange reserves to do this would not be good use of<br \/>\nthe money.<\/p>\n<p><span><\/span><\/p>\n<p>&#8220;If you take that path, you&#8217;ve got to have very deep<br \/>\npockets. We don&#8217;t think it is good use of our money. It is very<br \/>\nexpensive,&#8221; Marcus told a forum.<\/p>\n<p><span><\/span><\/p>\n<p>On Thursday, traders said the market would only pay passing<br \/>\nattention to domestic producer inflation and trade data for<br \/>\nApril, which should largely confirm price pressures are fairly<br \/>\nbenign, while problems in Europe, a key trading partner for<br \/>\nSouth Africa, continue to constrain local exports.<\/p>\n<p><span><\/span><\/p>\n<p>Government bonds were weaker, with the yield on the three<br \/>\nyear benchmark rising 2.5 basis points to 6.435<br \/>\npercent and that for the 14-year issue adding three<br \/>\nbasis points to 8.405 percent.<\/p>\n<p><span><\/span><\/p>\n<p>(Reporting by Stella Mapenzauswa; Editing by Ed Cropley)<\/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>* Investors likely to maintain long-dollar positions * Reserve Bank rules out intervention to support rand JOHANNESBURG May 31 (Reuters) &#8211; South Africa&#8217;s rand hit a fresh six month low against the dollar early on Thursday before recouping some of its losses but could resume a slide towards 8.6 as Europe&#8217;s debt woes drive investors [&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-10931","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\/10931","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=10931"}],"version-history":[{"count":0,"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/posts\/10931\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/media?parent=10931"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/categories?post=10931"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/tags?post=10931"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}