{"id":15467,"date":"2012-10-11T05:43:14","date_gmt":"2012-10-11T03:43:14","guid":{"rendered":"http:\/\/www.myza.co.za\/10\/s-africas-rand-firms-but-3-12-year-low-still-in-sight\/"},"modified":"2012-10-11T05:43:14","modified_gmt":"2012-10-11T03:43:14","slug":"s-africas-rand-firms-but-3-12-year-low-still-in-sight","status":"publish","type":"post","link":"https:\/\/www.myza.co.za\/press\/s-africas-rand-firms-but-3-12-year-low-still-in-sight\/","title":{"rendered":"S.Africa’s rand firms but 3-1\/2 year low still in sight"},"content":{"rendered":"

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

JOHANNESBURG<\/span> Oct 10 (Reuters) – South Africa’s rand nudged
\nhigher versus the dollar on Wednesday on news some striking
\ntruckers were returning to work, but struggled to hold earlier
\nsession highs as investors worried that the labour unrest
\nbesetting the country is far from over.<\/span><\/p>\n

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

The rand initially rallied to 8.6151\/dollar, its
\nstrongest level since Friday, but retreated to 8.7148 by 1643
\nGMT, up just 0.27 percent from Tuesday’s close.<\/p>\n

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

The rand has taken a knock as investors eye strikes that
\nhave hit Africa’s biggest economy, with almost 100,000 workers
\nacross the country, including 75,000 in the mining sector,
\ndowning tools to press for higher wages and better working
\nconditions.<\/p>\n

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

The rand tumbled to a 3-1\/2 year low of 8.995 on Monday as
\nthe strikes weighed on sentiment and market watchers warned on
\nWednesday the currency was still vulnerable.<\/p>\n

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

“We’re seeing some positive news of guys returning to work
\nbut I just don’t think it’s going to help the rand recover to
\nthe levels we saw prior to these things,” said Ion de
\nVleeschauwer, chief dealer at Bidvest Bank.<\/p>\n

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

The currency’s heavy fall to within a whisker of 9.0 to the
\ndollar on Monday prompted market speculation of official
\nintervention to prop it up, but Governor Gill Marcus on
\nWednesday reiterated her stance that the central bank had no
\ntarget level for the currency.<\/p>\n

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

“I think eventually we will breach the 9.00 and trade weaker
\non the currency … because the fact that this labour unrest has
\ngotten out of control in such a fashion has dented our image,”
\nde Vleeschauwer added.<\/p>\n

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

The rand’s gains on Wednesday boosted bonds, and yields
\ninversely fell, with the three-year benchmark dropping
\n8.5 basis points to 5.39 percent while the 14-year paper
\n closed nine basis points lower at 7.69 percent.<\/p>\n

(Reporting by Stella Mapenzauswa; 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 Oct 10 (Reuters) – South Africa’s rand nudged higher versus the dollar on Wednesday on news some striking truckers were returning to work, but struggled to hold earlier session highs as investors worried that the labour unrest besetting the country is far from over. The rand initially rallied to 8.6151\/dollar, its strongest level since […]<\/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-15467","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\/15467","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=15467"}],"version-history":[{"count":0,"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/posts\/15467\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/media?parent=15467"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/categories?post=15467"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/tags?post=15467"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}