{"id":12952,"date":"2012-07-30T13:46:56","date_gmt":"2012-07-30T11:46:56","guid":{"rendered":"http:\/\/www.myza.co.za\/07\/s-africa-rand-steadies-after-rally-bonds-pull-back\/"},"modified":"2012-07-30T13:46:56","modified_gmt":"2012-07-30T11:46:56","slug":"s-africa-rand-steadies-after-rally-bonds-pull-back","status":"publish","type":"post","link":"https:\/\/www.myza.co.za\/press\/s-africa-rand-steadies-after-rally-bonds-pull-back\/","title":{"rendered":"S.Africa rand steadies after rally, bonds pull back"},"content":{"rendered":"

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

JOHANNESBURG, July 30<\/span> (Reuters) – South Africa’s rand on
\nMonday was little changed from last week’s close against the
\ndollar, but could be in for a volatile week if European policy
\nleaders fail to meet market expectations of a decisive move to
\nbring stability to the euro zone.<\/span><\/p>\n

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

Government bonds eased slightly in early trade, with the
\nyield on the three-year and 14-year benchmarks
\n each notching up two basis points to 5.41 percent and
\n7.265 percent respectively.<\/p>\n

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

The rand traded at 8.17 by 0630 GMT, just 0.17
\npercent off Friday’s close at 8.1560.<\/p>\n

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

Earlier, the currency firmed slightly and bond yields ticked
\nup after Reserve Bank data showed growth in credit demand by the
\nprivate sector quickened to 8.72 percent year\/year in June,
\nundermining the case for further interest rate cuts this year.<\/p>\n

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

The Reserve Bank unexpectedly reduced rates by 50 basis
\npoints to 5.0 percent earlier this month, citing concerns about
\nthe effect of a global downturn on Africa’s largest economy.<\/p>\n

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

But further interest rate cuts should not be taken as a
\ngiven and depend on growth and inflation trends in coming
\nmonths, central bank Governor Gill Marcus reiterated on
\nSaturday.<\/p>\n

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

The market was cautiously optimistic, but nervous ahead of
\nthe European Central Bank’s meeting on Thursday after bank chief
\nMario Draghi said last week the bank it would do all it could to
\nsave the euro zone.<\/p>\n

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

Nagging debt problems in the bloc, a key trading partner for
\nSouth Africa, have spurred risk aversion in recent months.<\/p>\n

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

“Get ready for another volatile week. If a bloodbath in
\nglobal markets is to be avoided, the ECB will have to deliver on
\nThursday,” RMB said in a note.<\/p>\n

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

“In this environment, don’t be surprised if dollar\/rand
\ntests and breaks the lower or upper edge of the 8.07\/12-8.55
\nrand, or even both.”<\/p>\n

(Reporting by Stella Mapenzauswa; editing by David Dolan)<\/p>\n

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

\n

\t\t\u00a9 Thomson Reuters 2012 All rights reserved<\/p>\n","protected":false},"excerpt":{"rendered":"

JOHANNESBURG, July 30 (Reuters) – South Africa’s rand on Monday was little changed from last week’s close against the dollar, but could be in for a volatile week if European policy leaders fail to meet market expectations of a decisive move to bring stability to the euro zone. Government bonds eased slightly in early trade, […]<\/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-12952","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\/12952","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=12952"}],"version-history":[{"count":0,"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/posts\/12952\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/media?parent=12952"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/categories?post=12952"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/tags?post=12952"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}