{"id":12076,"date":"2012-07-04T00:12:07","date_gmt":"2012-07-03T22:12:07","guid":{"rendered":"http:\/\/www.myza.co.za\/07\/s-africa-rand-scales-7-12-week-high-bonds-rally\/"},"modified":"2012-07-04T00:12:07","modified_gmt":"2012-07-03T22:12:07","slug":"s-africa-rand-scales-7-12-week-high-bonds-rally","status":"publish","type":"post","link":"https:\/\/www.myza.co.za\/press\/s-africa-rand-scales-7-12-week-high-bonds-rally\/","title":{"rendered":"S.Africa rand scales 7-1\/2 week high, bonds rally"},"content":{"rendered":"<p>\t\t<span><\/span><\/p>\n<p>* Year-end FX repatriation boosts rand<span><\/span><\/p>\n<p><span><\/span><\/p>\n<p>* Traders see resistance at 8.00\/dollar<\/p>\n<p><span><\/span><\/p>\n<p>* Bonds also rally, foreign demand strong<\/p>\n<p><span><\/span><\/p>\n<p>JOHANNESBURG, July 3 (Reuters) &#8211; South Africa&#8217;s rand rallied<br \/>\nas much as 1.1 percent against the dollar on Tuesday to its<br \/>\nstrongest level in 7-1\/2 weeks,  boosted by increased demand<br \/>\nfrom local companies repatriating their foreign currency to meet<br \/>\ncorporate year-end needs.<\/p>\n<p><span><\/span><\/p>\n<p>Government bonds also strengthened, pulling yields to<br \/>\nmulti-month lows as demand from foreigners rose, particularly at<br \/>\nthe higher end of the curve.<\/p>\n<p><span><\/span><\/p>\n<p>The rand strengthened to 8.0619 earlier in the<br \/>\nsession and was at 8.0730 by 1553 GMT, up 1.01 percent from<br \/>\nMonday&#8217;s close of 8.1550.<\/p>\n<p><span><\/span><\/p>\n<p>&#8220;The rand has improved a lot in the last 2-1\/2 days and a<br \/>\nlot of it has to do with the fact that Friday was year-end for a<br \/>\nlot of companies in South Africa so there&#8217;s been a lot of<br \/>\nrepatriation of foreign currency accounts and balances,&#8221; said<br \/>\nIon de Vleeschauwer, chief dealer at Bidvest Bank.<\/p>\n<p><span><\/span><\/p>\n<p>The local unit should however meet resistance towards<br \/>\n8.00\/dollar, with importers keen to buy dollars at current<br \/>\nlevels, he added.<\/p>\n<p><span><\/span><\/p>\n<p>The rand, which slumped to a three year low of 8.71 last<br \/>\nmonth as investors fretted over euro zone debt problems, has<br \/>\ngained more than 4 percent over the past week on optimism that<br \/>\nleaders in the bloc are making headway in resolving the crunch.<br \/>\n\u00a0 <span class=\"label\"><strong>Continued&#8230;<\/strong><\/span><\/p>\n<p><span><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>* Year-end FX repatriation boosts rand * Traders see resistance at 8.00\/dollar * Bonds also rally, foreign demand strong JOHANNESBURG, July 3 (Reuters) &#8211; South Africa&#8217;s rand rallied as much as 1.1 percent against the dollar on Tuesday to its strongest level in 7-1\/2 weeks, boosted by increased demand from local companies repatriating their foreign [&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-12076","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\/12076","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=12076"}],"version-history":[{"count":0,"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/posts\/12076\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/media?parent=12076"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/categories?post=12076"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/tags?post=12076"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}