{"id":11375,"date":"2012-06-12T11:10:56","date_gmt":"2012-06-12T09:10:56","guid":{"rendered":"http:\/\/www.myza.co.za\/06\/s-africa-rand-firms-greece-worries-weigh-on-trade\/"},"modified":"2012-06-12T11:10:56","modified_gmt":"2012-06-12T09:10:56","slug":"s-africa-rand-firms-greece-worries-weigh-on-trade","status":"publish","type":"post","link":"https:\/\/www.myza.co.za\/press\/s-africa-rand-firms-greece-worries-weigh-on-trade\/","title":{"rendered":"S.Africa rand firms, Greece worries weigh on trade"},"content":{"rendered":"

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

* Rand firms, gains could be short-lived<\/span><\/p>\n

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

* The currency could trade 8.30-8.50 ranges<\/p>\n

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

JOHANNESBURG, June 12<\/span> (Reuters) – South Africa’s rand opened
\nfirmer on Tuesday against the dollar buoyed by the inclusion of
\nits bonds in a prestigious index that helped it shake off
\nworries about Greece’s future in the euro zone.<\/p>\n

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

The rand closely tracks the euro and worries about mounting
\ndebt among the block’s members have hit the currency of Africa’s
\nlargest economy, which relies heavily on Europe for trade.<\/p>\n

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

The rand firmed half a percent to 8.424 against the dollar
\nat 0543 GMT from Monday’s New York close of 8.4750.<\/p>\n

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

“What is helping the rand is the Citibank world bond index
\nannouncement,” said Ion de Vleeschauwer, a trader at Bidvest
\nBank said on the news that hit markets on Monday.<\/p>\n

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

South Africa will join Citi’s influential World Government
\nBond Index (WGBI) from October, conferring an important seal of
\napproval on the continent’s biggest economy after recent credit
\noutlook downgrades. {ID:nL5E8HB1G4]<\/p>\n

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

Inclusion in the index should help Pretoria’s borrowing
\nplans for its multi-billion dollar infrastructure drive it says
\nwill fuel economic growth after a 2009 recession, helping narrow
\nthe budget deficit to about 3 percent of GDP by 2014 from 4.6
\npercent this year.<\/p>\n

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

“But persistent euro weakness, will result in rand weakness.
\nThere is no doubt about it,” added De Vleeschauwer.<\/p>\n

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

The yield on the benchmark three-year note slid
\n2.5 basis points to 6.24 percent and that on the 14-year bond
\n was unmoved at 8.31 percent.\t<\/p>\n

(Reporting by Vuyani Ndaba; Editing by Jon Herskovitz)<\/p>\n

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

\n

\t\t\u00a9 Thomson Reuters 2012 All rights reserved<\/p>\n","protected":false},"excerpt":{"rendered":"

* Rand firms, gains could be short-lived * The currency could trade 8.30-8.50 ranges JOHANNESBURG, June 12 (Reuters) – South Africa’s rand opened firmer on Tuesday against the dollar buoyed by the inclusion of its bonds in a prestigious index that helped it shake off worries about Greece’s future in the euro zone. The rand […]<\/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-11375","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\/11375","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=11375"}],"version-history":[{"count":0,"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/posts\/11375\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/media?parent=11375"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/categories?post=11375"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/tags?post=11375"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}