{"id":13465,"date":"2012-08-14T02:33:54","date_gmt":"2012-08-14T00:33:54","guid":{"rendered":"http:\/\/www.myza.co.za\/08\/s-african-rand-slides-vs-dollar-in-technical-correction\/"},"modified":"2012-08-14T02:33:54","modified_gmt":"2012-08-14T00:33:54","slug":"s-african-rand-slides-vs-dollar-in-technical-correction","status":"publish","type":"post","link":"https:\/\/www.myza.co.za\/press\/s-african-rand-slides-vs-dollar-in-technical-correction\/","title":{"rendered":"S.African rand slides vs dollar in technical correction"},"content":{"rendered":"<p>\t\t<span><\/span><\/p>\n<p>* Rand retreats from 13-week high<span><\/span><\/p>\n<p><span><\/span><\/p>\n<p>* Correcting from overbought levels<\/p>\n<p><span><\/span><\/p>\n<p><span class=\"articleLocation\">JOHANNESBURG<\/span> Aug 13 (Reuters) &#8211; The rand dropped more than<br \/>\n1 percent against the dollar on Monday during thin trade, in<br \/>\nwhat analysts said was probably a technical correction after the<br \/>\ncurrency approached a key resistance level late last week.<\/p>\n<p><span><\/span><\/p>\n<p>A dip in commodity prices prompted selling in the rand.<br \/>\nDealers said data showing the European Central Bank had not<br \/>\nbought any bonds last week under its bond-purchasing programme<br \/>\nadded to the rand&#8217;s weakness as concern about the euro zone&#8217;s<br \/>\nlack of action to tackle its debt crisis continues to weigh on<br \/>\nriskier emerging market currencies.<\/p>\n<p><span><\/span><\/p>\n<p>&#8220;They are staying clear of those markets so that adds a<br \/>\nslight risk-off flavour to global markets today,&#8221; said ETM&#8217;s<br \/>\nMcCalgan.<\/p>\n<p><span><\/span><\/p>\n<p>The rand fell 1.1 percent against the dollar to a<br \/>\nsession low of 8.16 in late afternoon trade.<\/p>\n<p><span><\/span><\/p>\n<p>&#8220;We&#8217;ve seen the rand in a technically overbought position<br \/>\nagainst the dollar for about the past week. From that<br \/>\nperspective, it&#8217;s been due for a slight bounce,&#8221; said Sean<br \/>\nMcCalgan, a market analyst at ETM.<\/p>\n<p><span><\/span><\/p>\n<p>The rand rallied to close at 8.0710 in New York on Friday.<br \/>\nThe market is watching for a break through 8.06\/05 resistance to<br \/>\nconfirm a strengthening trend through to 8 rand levels.<\/p>\n<p><span><\/span><\/p>\n<p>Technical analysts say they are watching the 8.05 and 8.20<br \/>\nbarriers to set clear direction on the dollar\/rand. The rand<br \/>\npreviously tried and failed at the 8.07\/06 level in early July.<\/p>\n<p><span><\/span><\/p>\n<p>Local dealers said Monday&#8217;s moves were probably exaggerated<br \/>\nby thin volumes with many players in northern hemisphere markets<br \/>\n away for summer holidays.<\/p>\n<p><span><\/span><\/p>\n<p>Yields on government bonds rose 3.5 basis points on the 2015<br \/>\n paper to 5.67 percent, a near one-month high. The<br \/>\n14-year issue climbed 4 basis points to 7.45 percent.<\/p>\n<p> (Reporting by Xola Potelwa; Editing by Susan Fenton)<\/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>* Rand retreats from 13-week high * Correcting from overbought levels JOHANNESBURG Aug 13 (Reuters) &#8211; The rand dropped more than 1 percent against the dollar on Monday during thin trade, in what analysts said was probably a technical correction after the currency approached a key resistance level late last week. A dip in commodity [&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-13465","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\/13465","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=13465"}],"version-history":[{"count":0,"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/posts\/13465\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/media?parent=13465"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/categories?post=13465"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/tags?post=13465"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}