{"id":11751,"date":"2012-06-22T11:40:06","date_gmt":"2012-06-22T09:40:06","guid":{"rendered":"http:\/\/www.myza.co.za\/06\/s-africas-rand-on-the-back-foot-bonds-weaken\/"},"modified":"2012-06-22T11:40:06","modified_gmt":"2012-06-22T09:40:06","slug":"s-africas-rand-on-the-back-foot-bonds-weaken","status":"publish","type":"post","link":"https:\/\/www.myza.co.za\/press\/s-africas-rand-on-the-back-foot-bonds-weaken\/","title":{"rendered":"S.Africa&#8217;s rand on the back foot, bonds weaken"},"content":{"rendered":"<p>\t\t<span><\/span><\/p>\n<p>* Rand steady but likely to weaken<span><\/span><\/p>\n<p><span><\/span><\/p>\n<p>* Global growth fears weighing once more<\/p>\n<p><span><\/span><\/p>\n<p><span class=\"articleLocation\">JOHANNESBURG, June 22<\/span> (Reuters) &#8211; South Africa&#8217;s rand held<br \/>\nsteady against the dollar on Friday after falling the previous<br \/>\nday on the back of current account data that suggested Africa&#8217;s<br \/>\nbiggest economy was suffering from Europe&#8217;s waning demand for<br \/>\nits exports.<\/p>\n<p><span><\/span><\/p>\n<p>The rand was little-changed at 8.3813 against the<br \/>\ndollar at 0648 GMT from last night&#8217;s New York close of 8.3800.<\/p>\n<p><span><\/span><\/p>\n<p>&#8220;It&#8217;s unfortunate that global growth fears are filtering<br \/>\ninto the market again,&#8221; said Ion de Vleeschauwer, a trader at<br \/>\nBidvest Bank.<\/p>\n<p><span><\/span><\/p>\n<p>&#8220;The market was disappointed that the Fed did not do any<br \/>\nquantitative easing earlier in the week. That just put the skids<br \/>\nback on the euro and boosted the dollar.&#8221;<\/p>\n<p><span><\/span><\/p>\n<p>Global growth concerns are expected to exert more pressure<br \/>\non the currency today as international investors retreat from<br \/>\noverseas markets after figures showing China&#8217;s factory sector<br \/>\nshrank for an eighth straight month.<\/p>\n<p><span><\/span><\/p>\n<p>Business activity in the euro area contracted for a fifth<br \/>\nstraight month and U.S. manufacturing grew at its slowest pace<br \/>\nin 11 months, according to data released on Thursday.<\/p>\n<p><span><\/span><\/p>\n<p>Traders said the rand could trade in a wide 8.20-8.50 range,<br \/>\nbut with a bias towards weakness.<\/p>\n<p><span><\/span><\/p>\n<p>Government bonds also eased, with yields rising 3.5 basis<br \/>\npoints to 6.075 for the three year bond and 8.08<br \/>\nperform the 14-year paper.<\/p>\n<p> (Reporting by Vuyani Ndaba; Editing by Ed Cropley)<\/p>\n<p><span><\/span><\/p>\n<p class=\"copyright\">\n<p>         \t\t\u00a9 Thomson Reuters 2012 All rights reserved<\/p>\n","protected":false},"excerpt":{"rendered":"<p>* Rand steady but likely to weaken * Global growth fears weighing once more JOHANNESBURG, June 22 (Reuters) &#8211; South Africa&#8217;s rand held steady against the dollar on Friday after falling the previous day on the back of current account data that suggested Africa&#8217;s biggest economy was suffering from Europe&#8217;s waning demand for its exports. 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