{"id":11221,"date":"2012-06-07T23:01:31","date_gmt":"2012-06-07T21:01:31","guid":{"rendered":"http:\/\/www.myza.co.za\/06\/s-africas-rand-reverses-gains-bonds-edge-up\/"},"modified":"2012-06-07T23:01:31","modified_gmt":"2012-06-07T21:01:31","slug":"s-africas-rand-reverses-gains-bonds-edge-up","status":"publish","type":"post","link":"https:\/\/www.myza.co.za\/press\/s-africas-rand-reverses-gains-bonds-edge-up\/","title":{"rendered":"S.Africa’s rand reverses gains, bonds edge up"},"content":{"rendered":"

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

* Rand rally loses steam, resistance at 8.30<\/span><\/p>\n

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

* Bonds gain as data supports domestic rate cut<\/p>\n

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

JOHANNESBURG, June 7<\/span> (Reuters) – Africa’s rand climbed as
\nmuch as 1.2 percent against the dollar on Thursday before giving
\nup all the gains in see-saw trading as dented prospects of
\npolicy easing in the U.S. negated the lift that China’s rate cut
\nhad given commodity currencies.<\/p>\n

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

Government bonds edged higher after weak manufacturing and
\nmining data pointed to sluggish domestic growth, supporting the
\ncase for an interest rate cut later this year.<\/p>\n

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

The rand peaked at 8.2215 to the greenback, the
\nstrongest it has been since May 22, tracking a global rally in
\ncommodity currencies after China’s central bank cut benchmark
\nrates to support growth in the country, a key importer of South
\nAfrican minerals.<\/p>\n

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

But the rand, buffeted to three-year lows last week as
\nworries about the liquidity crunch in the euro zone dented
\nglobal risk appetite, ran out of steam in late Thursday trade,
\nfalling back to 8.3220 by 1559 GMT compared with Wednesday’s
\nclose at 8.32.<\/p>\n

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

“Strong support at 8.3000 limited dollar\/rand downside in
\nthe morning session, but this gave way after the China easing
\ngave a kick to risk appetite,” said Christopher Shiells,
\nemerging markets analyst at Informa Global Markets.<\/p>\n

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

“However, the rally was halted as Bernanke disappointed
\nmarkets by not strongly signalling QE3, though I think
\nexpectations had been built up too much.”<\/p>\n

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

Markets were left somewhat deflated after Federal Reserve
\nChairman Ben Bernanke said the U.S. central bank was ready to
\nshield the economy but offered few hints of stimulus by way of
\nfurther quantitative easing.<\/p>\n

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

South African government bonds closed firmer on the day, and
\nyields fell, as weaker than expected factory data led some
\nmarket players to price in lower domestic rates later this year.<\/p>\n

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

The yields on the benchmark three-year and 14-year
\nbonds each shed three basis points to 6.24 percent and
\n8.26 percent respectively.\t<\/p>\n

(Reporting by Stella Mapenzauswa; Editing by Toby Chopra)<\/p>\n

<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"

* Rand rally loses steam, resistance at 8.30 * Bonds gain as data supports domestic rate cut JOHANNESBURG, June 7 (Reuters) – Africa’s rand climbed as much as 1.2 percent against the dollar on Thursday before giving up all the gains in see-saw trading as dented prospects of policy easing in the U.S. negated the […]<\/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-11221","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\/11221","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=11221"}],"version-history":[{"count":0,"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/posts\/11221\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/media?parent=11221"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/categories?post=11221"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/tags?post=11221"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}