{"id":14348,"date":"2012-09-07T03:52:35","date_gmt":"2012-09-07T01:52:35","guid":{"rendered":"http:\/\/www.myza.co.za\/09\/s-africas-rand-hits-2-week-highs-vs-euro-dollar-after-ecb\/"},"modified":"2012-09-07T03:52:35","modified_gmt":"2012-09-07T01:52:35","slug":"s-africas-rand-hits-2-week-highs-vs-euro-dollar-after-ecb","status":"publish","type":"post","link":"https:\/\/www.myza.co.za\/press\/s-africas-rand-hits-2-week-highs-vs-euro-dollar-after-ecb\/","title":{"rendered":"S.Africa’s rand hits 2-week highs vs euro, dollar after ECB"},"content":{"rendered":"

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

* Rand rallies as investors sell the euro<\/span><\/p>\n

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

* 8.20-22\/dollar is next resistance, 8.50 support still
\nholds<\/p>\n

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

JOHANNESBURG, Sept 6<\/span> (Reuters) – The rand hit two-week highs
\nagainst the euro and dollar on Thursday after the European
\nCentral Bank failed to deliver enough details on its bond-buying
\nplans to quell debt crisis concerns, pushing investors who had
\nshorted the rand back to the unit.<\/p>\n

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

The rand strengthened 1.2 percent against the euro
\nto 10.46 from 10.60 a day earlier, and climbed 1.7 percent to
\n8.2750 against the dollar, making it the top emerging
\nmarket currency performer versus the dollar and tracked by
\nReuters.<\/p>\n

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

They quickly got out of their long euro positions in late
\nafternoon trade in a knee-jerk reaction after the ECB policy
\nmeeting gave investors few clues about the bank’s plan to stem
\nthe euro debt crisis.<\/p>\n

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

“We didn’t see much that was new from the meeting itself,
\nbut I take it the confirmation for some in the market that they
\nactually are going to be engaging in this unlimited spree of
\nbond-buying has given a bid tone to EM currencies,” said Sean
\nMcCalgan, market analyst for ETM.<\/p>\n

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

Investors were selling both euro\/dollar and dollar\/rand to
\nbuy back rand, which they had been taking short positions in
\nsince early August.<\/p>\n

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

“It’s a combination of the euro dropping and then the
\nunwinding of the crosses after the announcement of the bond
\nprogramme, which will be good for emerging markets as a whole,”
\nsaid Ion de Vleeschauwer, dealer at Bidvest Bank.<\/p>\n

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

The rand would need to break through the 8.20-22 region to
\nentrench the rally, a level it bounced off 12 times in the last
\ntwo months.
\n\u00a0 Continued…<\/strong><\/span><\/p>\n

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

* Rand rallies as investors sell the euro * 8.20-22\/dollar is next resistance, 8.50 support still holds JOHANNESBURG, Sept 6 (Reuters) – The rand hit two-week highs against the euro and dollar on Thursday after the European Central Bank failed to deliver enough details on its bond-buying plans to quell debt crisis concerns, pushing investors […]<\/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-14348","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\/14348","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=14348"}],"version-history":[{"count":0,"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/posts\/14348\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/media?parent=14348"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/categories?post=14348"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/tags?post=14348"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}