{"id":15812,"date":"2012-10-23T20:01:27","date_gmt":"2012-10-23T18:01:27","guid":{"rendered":"http:\/\/www.myza.co.za\/10\/rand-falls-2-pct-on-s-africa-mining-strikes-weak-euro\/"},"modified":"2012-10-23T20:01:27","modified_gmt":"2012-10-23T18:01:27","slug":"rand-falls-2-pct-on-s-africa-mining-strikes-weak-euro","status":"publish","type":"post","link":"https:\/\/www.myza.co.za\/press\/rand-falls-2-pct-on-s-africa-mining-strikes-weak-euro\/","title":{"rendered":"Rand falls 2 pct on S.Africa mining strikes, weak euro"},"content":{"rendered":"

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

* Rand pressured by domestic and global woes<\/span><\/p>\n

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

* Longer end of yield curve steepens on issuance
\nexpectations<\/p>\n

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

JOHANNESBURG<\/span> Oct 23 (Reuters) – South Africa’s rand tumbled
\nmore than two percent against the dollar in afternoon trade on
\nTuesday as labour unrest in the mining sector combined with
\nconcerns about the slowing global economy to drive investors out
\nof the local unit.<\/p>\n

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

The rand dropped to 8.81\/dollar, its worst level in
\na week, after the world’s fourth-largest gold producer, Gold
\nFields said it had fired 8,500 striking workers at one
\nof its mines in South Africa.<\/p>\n

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

“There’s not a whole lot of good news going on in South
\nAfrica at the moment,” said George Glynos of ETM Analytics.<\/p>\n

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

“What impressed me is that it hasn’t weakened prior to
\ntoday. We’ve been looking for a weaker rand for the past couple
\nof trading sessions,” Glynos added.<\/p>\n

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

The local currency was further pressured by a falling euro
\nwhich was sold on growing concerns about the effects of the euro
\nzone debt crisis on the world economy.<\/p>\n

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

Yields at the longer end of the South Africa yield curve
\nrose up to 11 basis points as investors worried about increased
\nsupply to the back end of the curve two days before the finance
\nministry delivers its Medium Term Budget Policy Statement
\n(MTBPS).<\/p>\n

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

Local media reported that Treasury was looking to manage its
\ndebt redemptions through switching 2017 and
\n2018 bonds for longer term paper because slower
\neconomic growth meant South Africa would be unable to afford the
\nrepayments as they were.
\n\u00a0 Continued…<\/strong><\/span><\/p>\n

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

* Rand pressured by domestic and global woes * Longer end of yield curve steepens on issuance expectations JOHANNESBURG Oct 23 (Reuters) – South Africa’s rand tumbled more than two percent against the dollar in afternoon trade on Tuesday as labour unrest in the mining sector combined with concerns about the slowing global economy to […]<\/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-15812","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\/15812","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=15812"}],"version-history":[{"count":0,"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/posts\/15812\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/media?parent=15812"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/categories?post=15812"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/tags?post=15812"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}