{"id":14467,"date":"2012-09-11T04:08:06","date_gmt":"2012-09-11T02:08:06","guid":{"rendered":"http:\/\/www.myza.co.za\/09\/s-africas-rand-rallies-to-one-month-high-vs-dollar\/"},"modified":"2012-09-11T04:08:06","modified_gmt":"2012-09-11T02:08:06","slug":"s-africas-rand-rallies-to-one-month-high-vs-dollar","status":"publish","type":"post","link":"https:\/\/www.myza.co.za\/press\/s-africas-rand-rallies-to-one-month-high-vs-dollar\/","title":{"rendered":"S.Africa’s rand rallies to one-month high vs dollar"},"content":{"rendered":"

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

JOHANNESBURG, Sept 10<\/span> (Reuters) – South Africa’s rand hit a
\none-month high against the dollar on Monday and government bonds
\nrallied on improving global risk sentiment.<\/span><\/p>\n

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

The rand built on gains made last week when the
\nEuropean Central Bank announced a bond buying programme that
\neased fears of a break-up of the single currency.<\/p>\n

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

It rose to a session high of 8.1300 to the dollar on Monday,
\nfrom a close of 8.1750 in New York on Friday.<\/p>\n

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

Traders said the direction of the rand would depend on
\nevents in Europe and the U.S. this week, including a ruling by
\nGermany’s constitutional court on the euro zone’s bailout fund
\nand the Federal Reserve’s policy meeting.<\/p>\n

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

The rand follows the euro, the currency of its main trading
\npartner, closely.<\/p>\n

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

A green light for the European Stability Mechanism and
\nanother round of quantitative easing in the U.S., or QE3, is
\nexpected to provide support for the rand.<\/p>\n

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

“If Mr.Bernanke decides to go the whole hog with QE3 we’re
\ngoing to see a lot of cash continue to flood into emerging
\nmarkets,” said Warrick Butler, a currency trader at Standard
\nBank. “If the Fed disappoints and postpones what’s likely to be
\ninevitable then we might see a bit of a risk spark again.”<\/p>\n

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

The yield on the 2015 bond fell to a record low of
\n5.360 percent, while the 2026 paper was 17 basis
\npoints lower at 7.285 percent, though traders said liquidity was
\nthin.<\/p>\n

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

“The main thing we’re following is U.S. Treasuries,” said
\nMark Southworth, a bond trader at Citi. “If they sell off so do
\nwe. If they rally, so do we. We tend to follow the rallies more
\naggressively than the selloffs.”<\/p>\n

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

South Africa will sell a total of 2.1 billion rand in 2023
\n, 2041 and 2048 government bonds
\nin an auction on Tuesday that is expected to be well received.<\/p>\n

(Reporting by Tosin Sulaiman; editing by Ron Askew)<\/p>\n

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

\n

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

JOHANNESBURG, Sept 10 (Reuters) – South Africa’s rand hit a one-month high against the dollar on Monday and government bonds rallied on improving global risk sentiment. The rand built on gains made last week when the European Central Bank announced a bond buying programme that eased fears of a break-up of the single currency. It […]<\/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-14467","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\/14467","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=14467"}],"version-history":[{"count":0,"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/posts\/14467\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/media?parent=14467"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/categories?post=14467"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/tags?post=14467"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}