{"id":6311,"date":"2011-12-21T12:37:20","date_gmt":"2011-12-21T10:37:20","guid":{"rendered":"http:\/\/www.myza.co.za\/12\/s-africas-rand-rallies-in-thin-trade-eyes-7-9050\/"},"modified":"2011-12-21T12:37:20","modified_gmt":"2011-12-21T10:37:20","slug":"s-africas-rand-rallies-in-thin-trade-eyes-7-9050","status":"publish","type":"post","link":"https:\/\/www.myza.co.za\/press\/s-africas-rand-rallies-in-thin-trade-eyes-7-9050\/","title":{"rendered":"S.Africa&#8217;s rand rallies in thin trade, eyes 7.9050"},"content":{"rendered":"<p>\t\t<span><\/span><\/p>\n<p>* Rand at 7 day highs, tracks firmer euro<span><\/span><\/p>\n<p><span><\/span><\/p>\n<p>* Bonds also up on return to emerging markets<\/p>\n<p><span><\/span><\/p>\n<p><span class=\"articleLocation\">JOHANNESBURG<\/span> Dec 21 (Reuters) &#8211; South Africa&#8217;s rand<br \/>\ntouched a fresh 7-day high against the dollar on Wednesday,<br \/>\nmainly taking its cue from a resurgent euro in the absence of<br \/>\nmarket-moving domestic news and data as the year winds down.<\/p>\n<p><span><\/span><\/p>\n<p>Government bonds also rose and yields dropped amid renewed<br \/>\ninvestor appetite for emerging market assets which have seen a<br \/>\nheavy sell-off in recent months on concerns about the debt<br \/>\ncrisis in the euro zone.<\/p>\n<p><span><\/span><\/p>\n<p>The rand was trading 0.9 percent firmer at 8.1250<br \/>\nagainst the greenback by 0644 GMT, compared with Tuesday&#8217;s close<br \/>\nof 8.1990. It briefly touched 8.1052 earlier on Wednesday, its<br \/>\nstrongest level since Dec. 12<\/p>\n<p><span><\/span><\/p>\n<p>&#8220;We&#8217;re supported by the euro at the moment and the euro has<br \/>\ngained quite nicely,&#8221; RMB trader Lee Naisbitt said, adding the<br \/>\nrand&#8217;s next target would be 8.08. A breach of that would open up<br \/>\nanother rally to 8.04 and possibly 7.9050, he added.<\/p>\n<p><span><\/span><\/p>\n<p>Because a large chunk of players were out of the market for<br \/>\ntheir year-end holidays, currency moves tended to be<br \/>\nexaggerated.<\/p>\n<p><span><\/span><\/p>\n<p>&#8220;But the theme is stronger for the rand and we should see a<br \/>\nfirmer tone going forward. (The euro) is looking a bit more<br \/>\npositive than it has been in some time and I think the rand is<br \/>\ngoing to take some gains from that,&#8221; Naisbitt said.<\/p>\n<p><span><\/span><\/p>\n<p>Government bonds edged higher and yields were inversely<br \/>\nlower, with the four-year bond and the longer-dated<br \/>\n2026 each dropping eight basis points to 6.81 percent<br \/>\nand 8.555 percent respectively.\t<\/p>\n<p> (Reporting by Stella Mapenzauswa; editing by David Dolan)<\/p>\n<p><span><\/span><\/p>\n<p class=\"copyright\">\n<p>         \t\t\u00a9 Thomson Reuters 2011 All rights reserved<\/p>\n","protected":false},"excerpt":{"rendered":"<p>* Rand at 7 day highs, tracks firmer euro * Bonds also up on return to emerging markets JOHANNESBURG Dec 21 (Reuters) &#8211; South Africa&#8217;s rand touched a fresh 7-day high against the dollar on Wednesday, mainly taking its cue from a resurgent euro in the absence of market-moving domestic news and data as the [&hellip;]<\/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-6311","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\/6311","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=6311"}],"version-history":[{"count":0,"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/posts\/6311\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/media?parent=6311"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/categories?post=6311"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/tags?post=6311"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}