{"id":16067,"date":"2012-11-01T20:24:56","date_gmt":"2012-11-01T18:24:56","guid":{"rendered":"http:\/\/www.myza.co.za\/11\/s-africas-rand-stuck-in-familiar-range-8-60dollar-holds\/"},"modified":"2012-11-01T20:24:56","modified_gmt":"2012-11-01T18:24:56","slug":"s-africas-rand-stuck-in-familiar-range-8-60dollar-holds","status":"publish","type":"post","link":"https:\/\/www.myza.co.za\/press\/s-africas-rand-stuck-in-familiar-range-8-60dollar-holds\/","title":{"rendered":"S.Africa’s rand stuck in familiar range, 8.60\/dollar holds"},"content":{"rendered":"

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

JOHANNESBURG<\/span> Nov 1 (Reuters) – South Africa’s rand ended
\nsteady against the dollar on Thursday, trading within the week’s
\nrange as rand bears took a breather and the market remained
\nlethargic since the closing of Wall Street earlier in the week.<\/span><\/p>\n

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

The rand initally firmed to its best in the session soon
\nafter positive jobs numbers came out of the United States during
\nlate afternoon trade in Johannesburg.<\/p>\n

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

By 1540 GMT, the rand had come back to 8.6680
\nagainst the dollar, off its best level of 8.6380.<\/p>\n

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

“The rand’s sideways trading is in part that the US was out
\nfor a couple of days. Beyond that, short term rand bearishness
\nlost momentum,” said Roderick Ngotho, emerging markets forex
\nstrategist for RBS.<\/p>\n

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

The local unit closed at 8.67 in New York on Wednesday and
\ndealers think gains will be capped at 8.60, a level it has
\nbounced from in the past two weeks.<\/p>\n

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

“Dollar\/rand will trade in higher ranges over the medium
\nterm – six months – because it seems like the market has just
\nwoken up to the structural weaknesses in the economy. The rand
\nlacks a positive story, meanwhile Fitch is likely to downgrade
\nin January so the negatives will just keep adding up,” Ngotho
\nadded.<\/p>\n

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

Fitch ratings agency is the only one of three agencies that
\nhas not cut South Africa’s credit rating, saying they will stick
\nto their schedule of reviewing the rating in November and
\nreleaese the outcome in January.<\/p>\n

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

On Thursday the local purchasing managers’ index for October
\nremained below 50, the level that distinguishes contraction from
\nexpansion, signalling weak output numbers when the official data
\nis released next Thursday.<\/p>\n

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

The employment category indicated a bleak outlook for jobs
\nin the third quarter, likely on concerns about the impact of
\nmining lay-offs from the strike-hit industry.
\n\u00a0 Continued…<\/strong><\/span><\/p>\n

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

JOHANNESBURG Nov 1 (Reuters) – South Africa’s rand ended steady against the dollar on Thursday, trading within the week’s range as rand bears took a breather and the market remained lethargic since the closing of Wall Street earlier in the week. The rand initally firmed to its best in the session soon after positive jobs […]<\/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-16067","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\/16067","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=16067"}],"version-history":[{"count":0,"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/posts\/16067\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/media?parent=16067"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/categories?post=16067"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/tags?post=16067"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}