{"id":14071,"date":"2012-08-31T03:29:28","date_gmt":"2012-08-31T01:29:28","guid":{"rendered":"http:\/\/www.myza.co.za\/08\/rand-drops-through-support-vs-dollar-8-50-barrier-next\/"},"modified":"2012-08-31T03:29:28","modified_gmt":"2012-08-31T01:29:28","slug":"rand-drops-through-support-vs-dollar-8-50-barrier-next","status":"publish","type":"post","link":"https:\/\/www.myza.co.za\/press\/rand-drops-through-support-vs-dollar-8-50-barrier-next\/","title":{"rendered":"Rand drops through support vs dollar, 8.50 barrier next"},"content":{"rendered":"

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

* Weakens over 1 percent<\/span><\/p>\n

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

* Bonds buck weaker trend to track Treasuries in late trade<\/p>\n

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

JOHANNESBURG<\/span> Aug 30 (Reuters) – South Africa’s rand fell
\nthrough key support against the dollar on Thursday with
\ninvestors selling the currency on risks associated with unrest
\nin the country’s mining sector.<\/p>\n

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

Late afternoon weakness in the euro extended the local
\nunit’s losses to over 1 percent against the dollar.<\/p>\n

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

At 1623 GMT the rand was down 0.9 percent at
\n8.4895\/dollar compared to it previous close, recovering slightly
\nfrom a session low of 8.4961 hit as the euro fell against the
\ndollar.<\/p>\n

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

The rand bears quickly fell through its 8.45\/46 support area
\nearlier in the session, weakening more than its emerging market
\npeers as festering domestic labour strife knocked investors’
\nconfidence in South Africa.<\/p>\n

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

Emerging market currencies were weaker on Thursday and the
\nrand took the second worst spot after the Russian rouble in a
\nbasket of emerging market currencies traded against the dollar
\nand tracked by Reuters.<\/p>\n

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

“We think that a combination of profit taking on the back of
\nthe recent rally and the domestic developments in South Africa
\nhave been a source of rand weakness,” said Roderick Ngotho,
\nemerging market forex strategist at The Royal Bank of Scotland.<\/p>\n

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

Africa’s largest economy and the world’s biggest platinum
\nproducer has been hit by violent labour clashes that left 44
\npeople dead at a Lonmin mine in Marikana and
\nfroze production for the past two weeks.
\n\u00a0 Continued…<\/strong><\/span><\/p>\n

<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"

* Weakens over 1 percent * Bonds buck weaker trend to track Treasuries in late trade JOHANNESBURG Aug 30 (Reuters) – South Africa’s rand fell through key support against the dollar on Thursday with investors selling the currency on risks associated with unrest in the country’s mining sector. Late afternoon weakness in the euro extended […]<\/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-14071","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\/14071","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=14071"}],"version-history":[{"count":0,"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/posts\/14071\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/media?parent=14071"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/categories?post=14071"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/tags?post=14071"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}