{"id":14609,"date":"2012-09-14T04:20:41","date_gmt":"2012-09-14T02:20:41","guid":{"rendered":"http:\/\/www.myza.co.za\/09\/s-africas-rand-turns-firmer-after-fed-comes-off-week-low\/"},"modified":"2012-09-14T04:20:41","modified_gmt":"2012-09-14T02:20:41","slug":"s-africas-rand-turns-firmer-after-fed-comes-off-week-low","status":"publish","type":"post","link":"https:\/\/www.myza.co.za\/press\/s-africas-rand-turns-firmer-after-fed-comes-off-week-low\/","title":{"rendered":"S.Africa’s rand turns firmer after Fed, comes off week-low"},"content":{"rendered":"

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

JOHANNESBURG, Sept 13<\/span> (Reuters) – The rand recovered from a
\nweek low against the dollar in late Thursday trade as markets
\nwere cheered by the U.S. Federal Reserve announcing a third
\nround of monetary easing.<\/span><\/p>\n

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

The announcement kept rand bears at bay with the unit coming
\nback from one-week low levels the rand had traded at for most of
\nThursday’s session as labour unrest in the mining sector knocked
\nsentiment towards Africa’s powerhouse.<\/p>\n

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

The labour strife in South Africa’s platinum belt drove up
\nthe cost of insuring against government debt default.<\/p>\n

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

The rand was at 8.31 at 1700 GMT, recovering from
\nthe day’s weakest level of 8.4450 and a one-week low hit earlier
\nin the session. The unit had plunged 3 percent in the previous
\nsession as the festering mining dispute compounded worries about
\npoor economic data.<\/p>\n

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

The 8.45 support level looked likely to hold back rand bears
\nalthough it was unclear how much support markets would get from
\nthe U.S. Federal Reserve’s widely-expected announcement of a
\nthird round of quantitative easing. Previous QE from the Fed has
\nboosted emerging market assets such as the rand.<\/p>\n

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

“In the immediate term we do have question marks around
\nwhether the currency can weaken much further given the move that
\nit has had, and also very importantly because we except the FOMC
\nto have a positive outcome for markets,” said Roderick Ngotho,
\nEM for e x strategist for RBS.<\/p>\n

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

Government bonds were slightly weaker at 7.44 percent on the
\n14-year benchmark bond.<\/p>\n

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

The cost of insuring South African debt for five years
\n rose to 145 basis points on Thursday from as
\nlittle as 123 the previous day.<\/p>\n

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

“The strike action will have far-reaching consequences for
\nthe country, from a lower GDP number to higher inflationary
\npressures and worsening investor sentiment,” said Richard Farber
\nof Worldwide Capital.<\/p>\n

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

“For a country which is reliant on foreign inflows, the
\npolitical and socio-economic outlook does not bode well for
\nthese inflows to continue into perpetuity.”<\/p>\n

(Reporting by Xola Potelwa; Editing by Ruth Pitchford)<\/p>\n

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

\n

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

JOHANNESBURG, Sept 13 (Reuters) – The rand recovered from a week low against the dollar in late Thursday trade as markets were cheered by the U.S. Federal Reserve announcing a third round of monetary easing. The announcement kept rand bears at bay with the unit coming back from one-week low levels the rand had traded […]<\/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-14609","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\/14609","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=14609"}],"version-history":[{"count":0,"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/posts\/14609\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/media?parent=14609"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/categories?post=14609"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/tags?post=14609"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}