{"id":13487,"date":"2012-08-14T14:41:53","date_gmt":"2012-08-14T12:41:53","guid":{"rendered":"http:\/\/www.myza.co.za\/08\/rand-firms-in-a-range-retreats-from-8-07-resistance\/"},"modified":"2012-08-14T14:41:53","modified_gmt":"2012-08-14T12:41:53","slug":"rand-firms-in-a-range-retreats-from-8-07-resistance","status":"publish","type":"post","link":"https:\/\/www.myza.co.za\/press\/rand-firms-in-a-range-retreats-from-8-07-resistance\/","title":{"rendered":"Rand firms in a range, retreats from 8.07 resistance"},"content":{"rendered":"<p>\t\t<span><\/span><\/p>\n<p>* Rand up in anticipation of global stimulus<span><\/span><\/p>\n<p><span><\/span><\/p>\n<p>* Pulls back from 8.07\/06 resistance barrier<\/p>\n<p><span><\/span><\/p>\n<p>* Treasury weekly auction results after 0900 GMT<\/p>\n<p><span><\/span><\/p>\n<p>JOHANNESBURG, Aug 14 (Reuters) &#8211; South Africa&#8217;s rand firmed<br \/>\nagainst the dollar on Tuesday, with investors betting that<br \/>\ncontinued weakness in global growth will lead to co-ordinated<br \/>\nmonetary stimulus from central banks, which would boost emerging<br \/>\nmarkets assets such as the rand.<\/p>\n<p><span><\/span><\/p>\n<p>The local unit was traded at 8.1275 per dollar at<br \/>\n0636 GMT, 0.45 percent higher than its close in New York on<br \/>\nMonday but still within a 10 cent trading range set on Friday.<\/p>\n<p><span><\/span><\/p>\n<p>&#8220;The market is stuck at the moment, waiting for further news<br \/>\nfrom the central banks,&#8221; said David Gracey, a currency trader<br \/>\nfor Investec.<\/p>\n<p><span><\/span><\/p>\n<p>Some market players have taken the view that if global<br \/>\ngrowth continues to be soft, it increases the possibility that<br \/>\ncentral banks such as the Federal Reserve and the European<br \/>\nCentral Bank will stage coordinated monetary stimulus to try and<br \/>\nrevive their economies.<\/p>\n<p><span><\/span><\/p>\n<p>&#8220;The rand is firming because of the potential for further<br \/>\nstimulus measures &#8211; in other words, a debasing of the major<br \/>\ncurrencies. The rand would do well against those currencies, and<br \/>\nthe gold price has also risen in anticipation of that,&#8221;<br \/>\nInvestec&#8217;s Gracey said.<\/p>\n<p><span><\/span><\/p>\n<p>Rand bulls seem to have surrendered at the 8.07 level hit in<br \/>\nFriday and Monday&#8217;s sessions, pulling back in what analysts say<br \/>\nis a technical correction from overbought levels last week.<br \/>\n\u00a0 <span class=\"label\"><strong>Continued&#8230;<\/strong><\/span><\/p>\n<p><span><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>* Rand up in anticipation of global stimulus * Pulls back from 8.07\/06 resistance barrier * Treasury weekly auction results after 0900 GMT JOHANNESBURG, Aug 14 (Reuters) &#8211; South Africa&#8217;s rand firmed against the dollar on Tuesday, with investors betting that continued weakness in global growth will lead to co-ordinated monetary stimulus from central banks, [&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-13487","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\/13487","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=13487"}],"version-history":[{"count":0,"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/posts\/13487\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/media?parent=13487"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/categories?post=13487"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/tags?post=13487"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}