{"id":11962,"date":"2012-06-29T12:04:19","date_gmt":"2012-06-29T10:04:19","guid":{"rendered":"http:\/\/www.myza.co.za\/06\/rand-rallies-on-euro-action-supported-by-credit-data\/"},"modified":"2012-06-29T12:04:19","modified_gmt":"2012-06-29T10:04:19","slug":"rand-rallies-on-euro-action-supported-by-credit-data","status":"publish","type":"post","link":"https:\/\/www.myza.co.za\/press\/rand-rallies-on-euro-action-supported-by-credit-data\/","title":{"rendered":"Rand rallies on euro action, supported by credit data"},"content":{"rendered":"<p>\t\t<span><\/span><\/p>\n<p>* Rand gains 1.5 percent vs dollar<span><\/span><\/p>\n<p><span><\/span><\/p>\n<p>* Yield on 2020 and 2015 bonds at record lows<\/p>\n<p><span><\/span><\/p>\n<p>* Credit growth surprises higher in May<\/p>\n<p><span><\/span><\/p>\n<p>JOHANNESBURG, June 29 (Reuters) &#8211; South Africa&#8217;s rand<br \/>\nrallied through resistance levels against the dollar early on<br \/>\nFriday, as positive news out of the euro summit propelled<br \/>\ninvestors back into riskier assets after a week of nervousness.<\/p>\n<p><span><\/span><\/p>\n<p>The rand briefly got an extra boost after data showed<br \/>\nhigher-than-expected growth in South Africa&#8217;s credit and money<br \/>\nsupply. The currency broke out of a week-long lethargy to rise<br \/>\nas much as 1.5 percent against the dollar to 8.2775, compared to<br \/>\na 8.4010 close overnight.<\/p>\n<p><span><\/span><\/p>\n<p>European leaders boosted markets by taking unexpected<br \/>\ndecisions such as lowering Spanish and Italian borrowing costs.<\/p>\n<p><span><\/span><\/p>\n<p>Investors had cut their expectations that the European<br \/>\nsummit would deliver any positive developments, making the<br \/>\nannouncements a much needed boost for risk appetite.<\/p>\n<p><span><\/span><\/p>\n<p>Local dealers came into the session and sold off some<br \/>\ndollars. The rally extended to the session&#8217;s high after central<br \/>\nbank data showed credit extended to the private grew by to 8.31<br \/>\npercent compared 7.33 percent in April, beating market<br \/>\nexpectations of 8 percent growth.<\/p>\n<p><span><\/span><\/p>\n<p>&#8220;All of risk is much stronger overnight on the news out of<br \/>\nthe European summit. We&#8217;ve seen a lot of unwinding of short risk<br \/>\npositions and long dollar positions and that&#8217;s seen dollar\/rand<br \/>\nstrengthen quite aggressively,&#8221; said Duncan Howes, a currency<br \/>\ndealer at Absa Capital.<br \/>\n\u00a0 <span class=\"label\"><strong>Continued&#8230;<\/strong><\/span><\/p>\n<p><span><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>* Rand gains 1.5 percent vs dollar * Yield on 2020 and 2015 bonds at record lows * Credit growth surprises higher in May JOHANNESBURG, June 29 (Reuters) &#8211; South Africa&#8217;s rand rallied through resistance levels against the dollar early on Friday, as positive news out of the euro summit propelled investors back into riskier [&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-11962","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\/11962","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=11962"}],"version-history":[{"count":0,"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/posts\/11962\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/media?parent=11962"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/categories?post=11962"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/tags?post=11962"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}