{"id":13142,"date":"2012-08-03T13:58:08","date_gmt":"2012-08-03T11:58:08","guid":{"rendered":"http:\/\/www.myza.co.za\/08\/s-africas-rand-under-pressure\/"},"modified":"2012-08-03T13:58:08","modified_gmt":"2012-08-03T11:58:08","slug":"s-africas-rand-under-pressure","status":"publish","type":"post","link":"https:\/\/www.myza.co.za\/press\/s-africas-rand-under-pressure\/","title":{"rendered":"S.Africa’s rand under pressure"},"content":{"rendered":"

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

* Rand licks wounds after ECB disappointment<\/span><\/p>\n

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

* Traders await U.S. payrolls numbers at 1230 GMT<\/p>\n

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

JOHANNESBURG<\/span> Aug 3 (Reuters) – South Africa’s rand weakened
\nagainst the dollar on Friday after the European Central Bank
\ndecided to delay any remedy for the region’s debt crisis,
\nsending Spanish and Italian borrowing costs higher and denting
\ninvestors’ appetite for risky assets.<\/p>\n

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

The rand was 0.39 percent weaker at 8.3625 against the
\ngreenback at 0653 GMT, from Thursday’s New York close of 8.34.<\/p>\n

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

Investors had been bracing themselves for another round of
\nbond buying from the ECB to help lower crippling borrowing costs
\nfor Spain and Italy.<\/p>\n

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

But ECB President Mario Draghi indicated that any
\nintervention would start in September at the earliest and would
\ndepend on countries in borrowing trouble making a formal request
\nand accepting strict conditions and supervision.<\/p>\n

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

“The rand is likely to remain under pressure until decisive
\naction is taken by the world’s major central banks,” Rand
\nMerchant Bank said in a note.<\/p>\n

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

Major focus is also on U.S. non-farm payrolls data due at
\n1230 GMT.<\/p>\n

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

“I would imagine non-farm payrolls later this afternoon is
\ngoing to be a big driver, so I would imagine fairly quite
\ntrading until then. It will be probably range-bound trade
\nbetween 8.30-8.40” said a Johannesburg rand trader.<\/p>\n

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

The rand often tracks the euro, the currency of its main
\ntrading partner. The relationship has meant a very volatile year
\nfor the currency of Africa’s biggest economy.<\/p>\n

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

Government bonds firmed, with both yields on the main
\nbenchmark bonds down three basis points to 5.510 percent for the
\nthree year bond and 7.345 percent for the longer-dated
\n14-year paper.<\/p>\n

(Reporting by Vuyani Ndaba; Editing by Ed Cropley)<\/p>\n

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

\n

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

* Rand licks wounds after ECB disappointment * Traders await U.S. payrolls numbers at 1230 GMT JOHANNESBURG Aug 3 (Reuters) – South Africa’s rand weakened against the dollar on Friday after the European Central Bank decided to delay any remedy for the region’s debt crisis, sending Spanish and Italian borrowing costs higher and denting investors’ […]<\/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-13142","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\/13142","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=13142"}],"version-history":[{"count":0,"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/posts\/13142\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/media?parent=13142"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/categories?post=13142"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/tags?post=13142"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}