{"id":11101,"date":"2012-06-05T10:50:30","date_gmt":"2012-06-05T08:50:30","guid":{"rendered":"http:\/\/www.myza.co.za\/06\/rand-recovers-vs-dollar-bonds-weak-before-auction\/"},"modified":"2012-06-05T10:50:30","modified_gmt":"2012-06-05T08:50:30","slug":"rand-recovers-vs-dollar-bonds-weak-before-auction","status":"publish","type":"post","link":"https:\/\/www.myza.co.za\/press\/rand-recovers-vs-dollar-bonds-weak-before-auction\/","title":{"rendered":"Rand recovers vs dollar, bonds weak before auction"},"content":{"rendered":"<p>\t\t<span><\/span><\/p>\n<p>* Rand pulls back from 3-yr low, respite seen as temporary<span><\/span><\/p>\n<p><span><\/span><\/p>\n<p>* Weekly debt auction results due after 0900 GMT<\/p>\n<p><span><\/span><\/p>\n<p><span class=\"articleLocation\">JOHANNESBURG, June 5<\/span> (Reuters) &#8211; The rand gained for a<br \/>\nsecond straight session against the dollar on Tuesday,<br \/>\nstrengthening to a four-day high as it pulled back from a<br \/>\nthree-year low hit last week.<\/p>\n<p><span><\/span><\/p>\n<p>However, government bonds were slightly weaker as dealers<br \/>\nprepared to take up auction stock at 0900 GMT.<\/p>\n<p><span><\/span><\/p>\n<p>The rand was up 0.3 percent on the dollar to 8.4680<br \/>\nat 0639 GMT, off a 8.4910 close in New York. Dealers say the<br \/>\ndollar&#8217;s weak close caused some long dollar positions to unwind<br \/>\nin the previous session and support a rand reprieve.<\/p>\n<p><span><\/span><\/p>\n<p>&#8220;The dollar\/rand close below 8.50 has triggered the<br \/>\nnear-term recovery we have been advocating for the rand,&#8221; said<br \/>\nJudy Padayachee, a technical strategist at Absa Capital.<\/p>\n<p><span><\/span><\/p>\n<p>&#8220;Dollar\/rand posted a reversal pattern yesterday and has<br \/>\nconfirmed the divergence. We are targeting the 8.30 level &#8211; the<br \/>\n20-day moving average.&#8221;<\/p>\n<p><span><\/span><\/p>\n<p>The rand recovery was boosted by local players such as<br \/>\nminers exchanging their dollars around the 8.50 rand level on<br \/>\nMonday. Thin liquidity conditions with the UK market closed for<br \/>\na holiday also helped.<\/p>\n<p><span><\/span><\/p>\n<p>However, the recovery is viewed as only temporary because<br \/>\nexternal factors such as fears of weak global growth and an<br \/>\nunconvincing domestic recovery have not changed. Analysts say<br \/>\nthe unit may still weaken towards 8.80, its level in April 2009.<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 3-yr low, respite seen as temporary * Weekly debt auction results due after 0900 GMT JOHANNESBURG, June 5 (Reuters) &#8211; The rand gained for a second straight session against the dollar on Tuesday, strengthening to a four-day high as it pulled back from a three-year low hit last week. However, [&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-11101","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\/11101","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=11101"}],"version-history":[{"count":0,"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/posts\/11101\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/media?parent=11101"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/categories?post=11101"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/tags?post=11101"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}