{"id":14570,"date":"2012-09-13T04:16:13","date_gmt":"2012-09-13T02:16:13","guid":{"rendered":"http:\/\/www.myza.co.za\/09\/s-africas-rand-hit-by-mining-strikes-current-account-shock\/"},"modified":"2012-09-13T04:16:13","modified_gmt":"2012-09-13T02:16:13","slug":"s-africas-rand-hit-by-mining-strikes-current-account-shock","status":"publish","type":"post","link":"https:\/\/www.myza.co.za\/press\/s-africas-rand-hit-by-mining-strikes-current-account-shock\/","title":{"rendered":"S.Africa’s rand hit by mining strikes, current account shock"},"content":{"rendered":"

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

* S.Africa’s currency hit by delayed c\/account shock<\/span><\/p>\n

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

* Bond investors heed sell signal after rand plunges<\/p>\n

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

JOHANNESBURG, Sept 12<\/span> (Reuters) – The rand fell 3 percent
\nagainst the dollar, recording it biggest daily plunge in nearly
\nthree months on Wednesday afternoon as New York traders came
\ninto a weaker rand and triggered stop-losses that took the
\ncurrency to a week-low.<\/p>\n

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

South Africa’s currency was sold during local trade because
\nof a festering mining strike that has hit the country’s platinum
\nbelt. On Wednesday, strikers forced the world’s biggest platinum
\nproducer Anglo American to shut down some of its
\noperations.<\/p>\n

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

By 1632 GMT, the rand was down 2.1 percent to
\n8.3450\/dollar, recovering from a session low of 8.3905 hit when
\nthe New York session opened.<\/p>\n

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

Dealers said the local unit was pressured by poor current
\naccount data from the previous session, where the shortfall hit
\nits widest gap in four years in the second
\nquarter.<\/p>\n

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

The rand had shrugged off the data in the previous session
\nbut events on Wednesday cast doubts in investors’ minds about
\nholding South African assets.<\/p>\n

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

“It’s a delayed reaction to yesterday’s current account
\ndata. The spreading mining industrial action played into
\nnegative sentiment, and then we just saw stop-losses on that,”
\nsaid David Gracey, a currency trader for Investec.<\/p>\n

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

Continuing mining strife pushed investors who had held on to
\nthe rand because of expectations of monetary easing from the
\nUnited States to drop the currency on Wednesday as mining labour
\nunrest hit sentiment.
\n\u00a0 Continued…<\/strong><\/span><\/p>\n

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

* S.Africa’s currency hit by delayed c\/account shock * Bond investors heed sell signal after rand plunges JOHANNESBURG, Sept 12 (Reuters) – The rand fell 3 percent against the dollar, recording it biggest daily plunge in nearly three months on Wednesday afternoon as New York traders came into a weaker rand and triggered stop-losses that […]<\/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-14570","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\/14570","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=14570"}],"version-history":[{"count":0,"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/posts\/14570\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/media?parent=14570"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/categories?post=14570"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/tags?post=14570"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}