{"id":12621,"date":"2012-07-21T01:08:21","date_gmt":"2012-07-20T23:08:21","guid":{"rendered":"http:\/\/www.myza.co.za\/07\/s-africas-rand-weaker-but-demand-props-up-bonds\/"},"modified":"2012-07-21T01:08:21","modified_gmt":"2012-07-20T23:08:21","slug":"s-africas-rand-weaker-but-demand-props-up-bonds","status":"publish","type":"post","link":"https:\/\/www.myza.co.za\/press\/s-africas-rand-weaker-but-demand-props-up-bonds\/","title":{"rendered":"S.Africa’s rand weaker but demand props up bonds"},"content":{"rendered":"

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

* Rand tracks weaker euro, foreigners push bonds higher<\/span><\/p>\n

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

* Market sees another rate cut this year<\/p>\n

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

JOHANNESBURG, July 20<\/span> (Reuters) – South Africa’s rand
\nweakened more than 1.1 percent against the dollar on Friday but
\nwas cushioned from further losses by strong foreign demand for
\nlocal bonds which are still offering significant yields despite
\na surprise interest rate cut.<\/p>\n

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

The rand hit a session low of 8.2797 to the
\ngreenback, its softest since Monday, but came back slightly to
\n8.2650 by 1800 GMT, down 1.1 percent on the day.<\/p>\n

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

The rand tracked the euro, under renewed pressure following
\na spike in Spanish bond yields. The debt crisis in the bloc, a
\nkey trading partner for South Africa, continues to weigh on risk
\nsentiment.<\/p>\n

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

“Since Europe came in we’ve just seen one-way traffic with
\nthe euro getting hammered again on concerns over Spain and
\nglobal growth,” said Bidvest Bank chief dealer Ion de
\nVleeschauwer.<\/p>\n

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

South Africa’s official rate cut on Thursday “caught some
\npeople by surprise and that’s also going to put a bit of
\npressure on the local currency,” he added.<\/p>\n

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

The Reserve Bank cut its benchmark repo rate by 50 basis
\npoints to 5.0 percent, citing a weaker economic outlook while
\ninflation was seen benign.<\/p>\n

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

On Friday, government bond yields hovered close to the
\nprevious day’s record lows as some market players bet that
\nanother rate cut could be on the horizon later this year.
\n\u00a0 Continued…<\/strong><\/span><\/p>\n

<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"

* Rand tracks weaker euro, foreigners push bonds higher * Market sees another rate cut this year JOHANNESBURG, July 20 (Reuters) – South Africa’s rand weakened more than 1.1 percent against the dollar on Friday but was cushioned from further losses by strong foreign demand for local bonds which are still offering significant yields despite […]<\/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-12621","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\/12621","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=12621"}],"version-history":[{"count":0,"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/posts\/12621\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/media?parent=12621"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/categories?post=12621"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/tags?post=12621"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}