{"id":14382,"date":"2012-09-07T15:57:01","date_gmt":"2012-09-07T13:57:01","guid":{"rendered":"http:\/\/www.myza.co.za\/09\/rand-extends-gains-to-fresh-two-week-high-vs-dollar\/"},"modified":"2012-09-07T15:57:01","modified_gmt":"2012-09-07T13:57:01","slug":"rand-extends-gains-to-fresh-two-week-high-vs-dollar","status":"publish","type":"post","link":"https:\/\/www.myza.co.za\/press\/rand-extends-gains-to-fresh-two-week-high-vs-dollar\/","title":{"rendered":"Rand extends gains to fresh two-week high vs dollar"},"content":{"rendered":"

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

JOHANNESBURG, Sept 7<\/span> (Reuters) – South Africa’s rand hit a
\nfresh two week high against the dollar on Friday, extending the
\nprevious session’s gains as model fund traders sold the U.S.
\ncurrency for rand.<\/span><\/p>\n

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

Risky assets rallied on Thursday after the European Central
\nBank confirmed an unlimited bond-buying program to help stem the
\neuro’s debt crisis, pressuring traditionally safe haven assets
\nsuch as the dollar.<\/p>\n

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

Investors who had shorted the rand for the past month sold
\neuro and dollars to get back into the domestic currency, which
\nwas the biggest gainer early on Friday in a basket of 20
\nemerging market currencies traded against the dollar and tracked
\nby Reuters.<\/p>\n

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

The rand rose to a session high of 8.2605 against
\nthe dollar, off a close of 8.3010 in New York on Thursday, and
\nwell below a key resistance level of 8.32 broken the previous
\nday.<\/p>\n

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

Dealers who trade model funds normally come in at 0600 GMT
\nand buy or sell according to where the currency closed the
\nprevious night.<\/p>\n

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

“A close lower will indicate a dollar sell trigger to them
\nand that’s what we’ve just seen this morning,” said Standard
\nBank currency trader Warrick Butler.<\/p>\n

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

The rand also made gains on the euro as dealers sold
\neuro\/dollar and then dollar\/rand to get back into the local
\nunit, causing the rand to retrace from its recent fall.<\/p>\n

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

“A close below 8.15\/dollar, which is not our preferred bias,
\nwould signal a bigger correction than we have been allowing
\nfor,” said Judy Padayachee, technical strategist at Absa
\nCapital.<\/p>\n

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

The unit was up 0.2 percent on the euro, near a
\ntwo-week high hit on Thursday evening. Euro\/rand has lost 25
\ncents since last week Friday, dropping to 10.45 in this session.
\n\u00a0 Continued…<\/strong><\/span><\/p>\n

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

JOHANNESBURG, Sept 7 (Reuters) – South Africa’s rand hit a fresh two week high against the dollar on Friday, extending the previous session’s gains as model fund traders sold the U.S. currency for rand. Risky assets rallied on Thursday after the European Central Bank confirmed an unlimited bond-buying program to help stem the euro’s debt […]<\/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-14382","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\/14382","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=14382"}],"version-history":[{"count":0,"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/posts\/14382\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/media?parent=14382"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/categories?post=14382"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/tags?post=14382"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}