{"id":11259,"date":"2012-06-08T23:04:52","date_gmt":"2012-06-08T21:04:52","guid":{"rendered":"http:\/\/www.myza.co.za\/06\/rand-ends-weaker-vs-dlr-temporary-correction-over\/"},"modified":"2012-06-08T23:04:52","modified_gmt":"2012-06-08T21:04:52","slug":"rand-ends-weaker-vs-dlr-temporary-correction-over","status":"publish","type":"post","link":"https:\/\/www.myza.co.za\/press\/rand-ends-weaker-vs-dlr-temporary-correction-over\/","title":{"rendered":"Rand ends weaker vs dlr, temporary correction over"},"content":{"rendered":"

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

* Rand back above 8.50 against dollar, bearish outlook<\/span><\/p>\n

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

* Weak domestic data this week will weigh, rate cuts
\nexpected<\/p>\n

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

JOHANNESBURG, June 8<\/span> (Reuters) – The rand ended the week
\ndown against the dollar, reversing four days’ worth of gains on
\nFriday as bleak economic prospects for the domestic and global
\neconomies meant investors were dumping the local unit for the
\ndollar.<\/p>\n

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

Analysts said the rand’s bullish streak since the start of
\nthe week was likely over and the bears would be back
\nconvincingly next week.<\/p>\n

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

The rand was down half a percent at 8.43 at 1625
\nGMT, slightly recovered from 1.3 percent worth of losses seen
\nearlier in the session and compared with a 8.39 close in New
\nYork on Thursday.<\/p>\n

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

It firmed to 8.22 this week in what was an overdue
\ncorrection from oversold three-year low levels of 8.71 but was
\nback at 8.50 support on Friday, highlighting the currency’s
\nvulnerability to Europe’s debt problems and risk sentiment in
\ngeneral.<\/p>\n

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

“We deem the latest dip off the recent 8.71 three-year high
\nmerely a correction. The last three day’s price action has
\nformed a bullish pattern on the candlestick charts, suggesting
\nthe correction has run it’s course,” said Kamran Sheikh a
\ntechnical strategist at Informa Global Markets.<\/p>\n

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

“We look for some consolidation and advance back towards
\n8.71 the next week.”<\/p>\n

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

Government bonds also ended weaker with the yield on the
\n2015 benchmark bond at 6.265 percent while the 2026
\nissue closed at 8.295 percent.
\n\u00a0 Continued…<\/strong><\/span><\/p>\n

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

* Rand back above 8.50 against dollar, bearish outlook * Weak domestic data this week will weigh, rate cuts expected JOHANNESBURG, June 8 (Reuters) – The rand ended the week down against the dollar, reversing four days’ worth of gains on Friday as bleak economic prospects for the domestic and global economies meant investors were […]<\/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-11259","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\/11259","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=11259"}],"version-history":[{"count":0,"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/posts\/11259\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/media?parent=11259"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/categories?post=11259"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/tags?post=11259"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}