{"id":12040,"date":"2012-07-03T00:10:31","date_gmt":"2012-07-02T22:10:31","guid":{"rendered":"http:\/\/www.myza.co.za\/07\/rand-ends-steady-at-one-month-high-on-bond-inflows\/"},"modified":"2012-07-03T00:10:31","modified_gmt":"2012-07-02T22:10:31","slug":"rand-ends-steady-at-one-month-high-on-bond-inflows","status":"publish","type":"post","link":"https:\/\/www.myza.co.za\/press\/rand-ends-steady-at-one-month-high-on-bond-inflows\/","title":{"rendered":"Rand ends steady at one month high on bond inflows"},"content":{"rendered":"<p>\t\t<span><\/span><\/p>\n<p>* Foreign accounts bought 2.5 bln rand in bonds last week<span><\/span><\/p>\n<p><span><\/span><\/p>\n<p>* PMI contracts for first time since December<\/p>\n<p><span><\/span><\/p>\n<p><span class=\"articleLocation\">JOHANNESBURG, July 2<\/span> (Reuters) &#8211; South Africa&#8217;s rand<br \/>\nsteadied at a month high against the dollar on Monday,<br \/>\nunderpinned by good flows into the local bond market during a<br \/>\nglobal risk rally that is propping up emerging markets.<\/p>\n<p><span><\/span><\/p>\n<p>Efforts taken by European leaders to stem the region&#8217;s debt<br \/>\ncrisis on Thursday had cheered investors, who in turn now felt<br \/>\nthey could buy into riskier assets such as the rand.<\/p>\n<p><span><\/span><\/p>\n<p>The local unit ended nearly unchanged from its<br \/>\nprevious close, at 8.17 to the dollar at 1556 GMT compared to a<br \/>\n8.1640 end on Friday in New York. It hit a session high of 8.11,<br \/>\na level last seen on May 14.<\/p>\n<p><span><\/span><\/p>\n<p>&#8220;There&#8217;s been a risk-on move in the rand from 8.40 to<br \/>\n8.10\/12. That&#8217;s an example of what will happen if you can get<br \/>\nany positive news out of the euro,&#8221; said Jim Bryson, a rand<br \/>\ntrader at Rand Merchant Bank.<\/p>\n<p><span><\/span><\/p>\n<p>&#8220;Any kind of stability in the market means we are suddenly<br \/>\nlooked at as a high yielder and the rand does well, and when<br \/>\nthere are problems in the world the rand suffers,&#8221; Bryson added.<\/p>\n<p><span><\/span><\/p>\n<p>The local unit is highly correlated with global risk<br \/>\nsentiment as a very liquid currency which investors use to hedge<br \/>\nemerging market risk. It is particularly vulnerable to euro<br \/>\nmoves as the region is South Africa&#8217;s biggest trading bloc.<\/p>\n<p><span><\/span><\/p>\n<p>Increased flows into the bond market have supported rand<br \/>\nrallies in recent months.<br \/>\n\u00a0 <span class=\"label\"><strong>Continued&#8230;<\/strong><\/span><\/p>\n<p><span><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>* Foreign accounts bought 2.5 bln rand in bonds last week * PMI contracts for first time since December JOHANNESBURG, July 2 (Reuters) &#8211; South Africa&#8217;s rand steadied at a month high against the dollar on Monday, underpinned by good flows into the local bond market during a global risk rally that is propping up [&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-12040","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\/12040","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=12040"}],"version-history":[{"count":0,"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/posts\/12040\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/media?parent=12040"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/categories?post=12040"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/tags?post=12040"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}