{"id":14229,"date":"2012-09-04T03:39:28","date_gmt":"2012-09-04T01:39:28","guid":{"rendered":"http:\/\/www.myza.co.za\/09\/resilient-s-african-rand-steadies-bonds-firmer\/"},"modified":"2012-09-04T03:39:28","modified_gmt":"2012-09-04T01:39:28","slug":"resilient-s-african-rand-steadies-bonds-firmer","status":"publish","type":"post","link":"https:\/\/www.myza.co.za\/press\/resilient-s-african-rand-steadies-bonds-firmer\/","title":{"rendered":"Resilient S.African rand steadies, bonds firmer"},"content":{"rendered":"

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

JOHANNESBURG, Sept 3<\/span> (Reuters) – South Africa’s rand
\nsteadied against the dollar on Monday, holding its own after
\nmarket bears failed in recent sessions to push it through the
\npsychologically key 8.5 level despite a weak global economic
\noutlook and prospects of lower commodity demand from China.<\/span><\/p>\n

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

Sentiment towards South African assets was also on a better
\nfooting after the government dropped controversial charges
\nagainst striking miners at Lonmin in the wake of violence which
\nleft more than 40 people dead last month, raising the spectre of
\npolitical turmoil.<\/p>\n

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

The rand was at 8.3980 against the dollar by 1615
\nGMT, up 0.07 percent from Friday’s close.<\/p>\n

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

The currency was also buoyed by the latest purchasing
\nmanagers’ index which pointed to South Africa’s manufacturing
\nsector showing more resilience than global peers by staying in
\nexpansionary territory despite slowing in August, said Murat
\nToprak, EMEA strategist at HSBC.<\/p>\n

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

“Also in the past few days you had expectations that dollar\/
\nrand would move even higher towards 8.50\/60 on the Chinese story
\nand the global slowdown but that hasn’t happened,” Toprak added.<\/p>\n

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

“It’s not easy to hold a long dollar\/rand position for a
\nlong time and those investors have probably reduced their bets
\non a (weaker) rand.”<\/p>\n

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

Government bonds ended the day firmer and inversely the
\nyield for the heavily traded three year paper fell 6.5
\nbasis points to 5.425 percent while that for the 14-year paper
\n shed 7 basis points to 7.36 percent.<\/p>\n

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

“I reckon it’s mostly to do with the Fed’s comments on
\nFriday which have brought on risk-on trade,” a Johannesburg bond
\ndealer said.<\/p>\n

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

He was referring to comments by U.S. Federal Reserve
\nChairman Ben Bernanke which reinforced expectations for further
\neasing to revive growth in the world’s largest economy.<\/p>\n

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

Expectations that interest rates in developed economies
\nwill stay near zero levels for a long period have supported
\nhigher-yielding emerging market assets, although this is usually
\n off-set by spikes in risk aversion.<\/p>\n

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

\n

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

JOHANNESBURG, Sept 3 (Reuters) – South Africa’s rand steadied against the dollar on Monday, holding its own after market bears failed in recent sessions to push it through the psychologically key 8.5 level despite a weak global economic outlook and prospects of lower commodity demand from China. Sentiment towards South African assets was also on […]<\/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-14229","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\/14229","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=14229"}],"version-history":[{"count":0,"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/posts\/14229\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/media?parent=14229"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/categories?post=14229"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/tags?post=14229"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}