{"id":13457,"date":"2012-08-13T14:31:38","date_gmt":"2012-08-13T12:31:38","guid":{"rendered":"http:\/\/www.myza.co.za\/08\/s-africas-rand-softer-global-growth-woes-a-drag\/"},"modified":"2012-08-13T14:31:38","modified_gmt":"2012-08-13T12:31:38","slug":"s-africas-rand-softer-global-growth-woes-a-drag","status":"publish","type":"post","link":"https:\/\/www.myza.co.za\/press\/s-africas-rand-softer-global-growth-woes-a-drag\/","title":{"rendered":"S.Africa&#8217;s rand softer, global growth woes a drag"},"content":{"rendered":"<p>\t\t<span><\/span><\/p>\n<p><span class=\"articleLocation\">JOHANNESBURG<\/span> Aug 13 (Reuters) &#8211; South Africa&#8217;s rand traded<br \/>\na touch softer against the dollar on Monday and remains<br \/>\nvulnerable to dim global economic prospects while retail sales<br \/>\nnumbers out later in the week will provide the latest clue on<br \/>\nthe domestic interest rate outlook.<span><\/span><\/p>\n<p><span><\/span><\/p>\n<p>By 0649 GMT the rand was 0.42 percent weaker at<br \/>\n8.1045 to the dollar compared with Friday&#8217;s New York close at<br \/>\n8.0710.<\/p>\n<p><span><\/span><\/p>\n<p>&#8220;The market still seems wary of any negative news out of<br \/>\nEurope,&#8221; Standard Bank trader Warrick Butler said.<\/p>\n<p><span><\/span><\/p>\n<p>&#8220;Given the lack of economic data out today and in the<br \/>\nabsence of any major news we will continue to play the<br \/>\n8.0600-8.1100 narrow range.&#8221;<\/p>\n<p><span><\/span><\/p>\n<p>The rand has lost nearly 9 percent from this year&#8217;s highs<br \/>\naround 7.40\/dollar in February, battered by risk aversion as<br \/>\ninvestors worry that debt problems affecting the euro zone could<br \/>\nspread.<\/p>\n<p><span><\/span><\/p>\n<p>Government bonds were largely steady in early Monday trade,<br \/>\nwith the yields on the three-year and 14-year<br \/>\nbenchmarks each dipping just half a basis point to<br \/>\n5.63 percent and 7.405 percent respectively.<\/p>\n<p><span><\/span><\/p>\n<p>Lingering uncertainties over the euro zone crisis and the<br \/>\nweak global growth outlook should keep rand bulls at bay, with<br \/>\n8.05 proving a hard level to breach, Absa Capital said in a<br \/>\nnote.<\/p>\n<p><span><\/span><\/p>\n<p>&#8220;This morning&#8217;s Japanese GDP data indicate the global<br \/>\neconomic recovery remains extremely fragile, which could<br \/>\nrestrict further risk appetite, unless the market believes<br \/>\n(this) will actually prompt the authorities to inject further<br \/>\nstimulus,&#8221; it said.<\/p>\n<p><span><\/span><\/p>\n<p>While the local market should largely follow global trends<br \/>\nthis week, South African retail sales data out on Wednesday<br \/>\ncould rekindle expectations of a domestic rate cut if it the<br \/>\ndata comes in worse than expected, weighing on the rand and<br \/>\npushing bond yields lower.<\/p>\n<p> (Reporting by Stella Mapenzauswa; Editing by David Dolan)<\/p>\n<p><span><\/span><\/p>\n<p class=\"copyright\">\n<p>         \t\t\u00a9 Thomson Reuters 2012 All rights reserved<\/p>\n","protected":false},"excerpt":{"rendered":"<p>JOHANNESBURG Aug 13 (Reuters) &#8211; South Africa&#8217;s rand traded a touch softer against the dollar on Monday and remains vulnerable to dim global economic prospects while retail sales numbers out later in the week will provide the latest clue on the domestic interest rate outlook. By 0649 GMT the rand was 0.42 percent weaker at [&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-13457","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\/13457","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=13457"}],"version-history":[{"count":0,"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/posts\/13457\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/media?parent=13457"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/categories?post=13457"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/tags?post=13457"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}