{"id":10983,"date":"2012-06-01T10:30:48","date_gmt":"2012-06-01T08:30:48","guid":{"rendered":"http:\/\/www.myza.co.za\/06\/rand-pulls-back-from-2012-low-set-to-test-8-60dlr\/"},"modified":"2012-06-01T10:30:48","modified_gmt":"2012-06-01T08:30:48","slug":"rand-pulls-back-from-2012-low-set-to-test-8-60dlr","status":"publish","type":"post","link":"https:\/\/www.myza.co.za\/press\/rand-pulls-back-from-2012-low-set-to-test-8-60dlr\/","title":{"rendered":"Rand pulls back from 2012 low, set to test 8.60\/dlr"},"content":{"rendered":"<p>\t\t<span><\/span><\/p>\n<p>* Rand pulls back from lows, 8.61 still expected<span><\/span><\/p>\n<p><span><\/span><\/p>\n<p>* Local PMI due at 0900 GMT<\/p>\n<p><span><\/span><\/p>\n<p><span class=\"articleLocation\">JOHANNESBURG, June 1<\/span> (Reuters) &#8211; The rand steadied in early<br \/>\nFriday trade, pulling back from a 2012 low as exporters came in<br \/>\nto exchange dollars above the 8.50 level, giving temporary<br \/>\nrespite to the local unit and a firmer bias to bonds.<\/p>\n<p><span><\/span><\/p>\n<p>The rand had been looking oversold and began a convincing<br \/>\nrecovery on Thursday as offshore investors sold dollars in late<br \/>\ntrade.<\/p>\n<p><span><\/span><\/p>\n<p>The 8.61 support level hit in November 2011 also held as<br \/>\nlocal exporters swapped their long-held dollars above 8.55,<br \/>\ndealers said.<\/p>\n<p><span><\/span><\/p>\n<p>By 0635 GMT, the rand was at 8.5275\/dollar from a 8.52 New<br \/>\nYork close on Thursday.<\/p>\n<p><span><\/span><\/p>\n<p>However the pull-back is seen as a temporary correction of<br \/>\nthe overstretched levels and previous projections of a test of<br \/>\n8.61 are still on, especially as domestic and international data<br \/>\ndue in the session are likely to be weak.<\/p>\n<p><span><\/span><\/p>\n<p>&#8220;The impulsive moves over the past three months dictate the<br \/>\ndirection for the next couple of months and our early-June 2012<br \/>\ntarget of 8.61 for dollar\/rand is within reach,&#8221; said Judy<br \/>\nPadayachee, a technical strategist for Absa Capital.<\/p>\n<p><span><\/span><\/p>\n<p>Analysts will focus on the Purchasing Managers&#8217; Index at<br \/>\n0900 GMT for signals on the state of the economy after weak GDP,<br \/>\npoor demand for credit and a persistently widening trade deficit<br \/>\nthis week pointed to a bleak economic outlook.<br \/>\n\u00a0 <span class=\"label\"><strong>Continued&#8230;<\/strong><\/span><\/p>\n<p><span><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>* Rand pulls back from lows, 8.61 still expected * Local PMI due at 0900 GMT JOHANNESBURG, June 1 (Reuters) &#8211; The rand steadied in early Friday trade, pulling back from a 2012 low as exporters came in to exchange dollars above the 8.50 level, giving temporary respite to the local unit and a firmer [&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-10983","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\/10983","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=10983"}],"version-history":[{"count":0,"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/posts\/10983\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/media?parent=10983"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/categories?post=10983"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/tags?post=10983"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}