{"id":12804,"date":"2012-07-27T01:33:54","date_gmt":"2012-07-26T23:33:54","guid":{"rendered":"http:\/\/www.myza.co.za\/07\/s-african-rand-surges-vs-dollar-as-draghi-lifts-risky-assets\/"},"modified":"2012-07-27T01:33:54","modified_gmt":"2012-07-26T23:33:54","slug":"s-african-rand-surges-vs-dollar-as-draghi-lifts-risky-assets","status":"publish","type":"post","link":"https:\/\/www.myza.co.za\/press\/s-african-rand-surges-vs-dollar-as-draghi-lifts-risky-assets\/","title":{"rendered":"S.African rand surges vs dollar as Draghi lifts risky assets"},"content":{"rendered":"

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

* Local currency’s rally could be short-lived<\/span><\/p>\n

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

* Resistance at 8.11 then 8.05, previous highs<\/p>\n

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

* Bonds rally in tandem<\/p>\n

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

JOHANNESBURG, July 26 (Reuters) – The rand surged 1.7
\npercent versus the dollar on Thursday, gaining with risky assets
\nglobally after European Central Bank President Mario Draghi
\npledged to do whatever was necessary to protect the euro zone
\nfrom collapse.<\/p>\n

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

The rand gained to 8.2450\/dollar in the session
\n-levels last seen on July 20 – before pulling back slightly to
\n8.26 by 1600 GMT, still well up from the close at 8.39 in the
\nprevious session.<\/p>\n

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

The demand for bonds increased in Thursday’s session,
\npulling yields close to record lows in a volatile week.<\/p>\n

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

“The market has taken Draghi’s comments as very very
\npositive and it was a ‘risk on’ event. It’s difficult to say the
\nlongevity of it because you have to see exactly what he means by
\nit,” said Malcolm Charles, fixed income portfolio manager for
\nInvestec.<\/p>\n

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

ECB President Mario Draghi earlier in the session reassured
\nmarkets that the Bank would do whatever it takes to preserve the
\nsingle currency, causing investors who had sought cover against
\nrisk to buy back high yielding emerging market assets.<\/p>\n

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

“They’re strong comments. One thing I’ve learnt from all the
\nEuropean announcements is the devil is always in the detail,”
\nCharles cautioned.
\n\u00a0 Continued…<\/strong><\/span><\/p>\n

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

* Local currency’s rally could be short-lived * Resistance at 8.11 then 8.05, previous highs * Bonds rally in tandem JOHANNESBURG, July 26 (Reuters) – The rand surged 1.7 percent versus the dollar on Thursday, gaining with risky assets globally after European Central Bank President Mario Draghi pledged to do whatever was necessary to protect […]<\/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-12804","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\/12804","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=12804"}],"version-history":[{"count":0,"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/posts\/12804\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/media?parent=12804"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/categories?post=12804"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/tags?post=12804"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}