{"id":6985,"date":"2012-01-12T20:36:54","date_gmt":"2012-01-12T18:36:54","guid":{"rendered":"http:\/\/www.myza.co.za\/01\/rand-breaches-resistance-to-hit-5-week-high-vs-dlr\/"},"modified":"2012-01-12T20:36:54","modified_gmt":"2012-01-12T18:36:54","slug":"rand-breaches-resistance-to-hit-5-week-high-vs-dlr","status":"publish","type":"post","link":"https:\/\/www.myza.co.za\/press\/rand-breaches-resistance-to-hit-5-week-high-vs-dlr\/","title":{"rendered":"Rand breaches resistance to hit 5-week high vs dlr"},"content":{"rendered":"

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

* Rand breaks resistance to new 2012 high vs dollar<\/span><\/p>\n

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

* Manufacturing data surprises on upside<\/p>\n

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

JOHANNESBURG<\/span> Jan 12 (Reuters) – The South African
\nrand rallied to a five-week high against the dollar on Thursday,
\nbreaking through resistance levels as manufacturing data
\nsignalled improved economic growth .<\/p>\n

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

Rising risk appetite globally, underpinned by
\nsolid Spanish and Italian bond auctions, also supported the
\nrand.<\/p>\n

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

The South African currency gained 0.4 percent
\nafter the better-than-expected manufacturing data, raising hopes
\nthat economic growth in the last quarter of 2011 might have
\nimproved from 1.4 percent quarter-on-quarter growth in the third
\nquarter.<\/p>\n

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

By 1518 GMT, the rand was at 8.06 to the dollar,
\ncoming back from the session’s high of 8.01, its strongest level
\nsince Dec. 8, after closing at 8.0880 on Wednesday in New York.<\/p>\n

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

“Some positive events for risk out today; we had very good
\nauctions in the periphery of Europe which were well subscribed,
\nwith the market taking that as very positive for risk, and the
\nrand rallied quiet hard on the back of that,” said Duncan Howes,
\na currency trader at Absa Capital.<\/p>\n

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

The risk-prone rand saw a slight sell-off due to a ratings
\nwarning for France, but investors quickly recovered their
\nappetite for risk seeing the warning as “nothing new”.<\/p>\n

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

“All in all we had a more positive day for risk,” Howes
\nsaid. He sees the rand’s next resistance level at around 7.95,
\nwhich is its previous high and its 300-day moving average.<\/p>\n

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

Government bonds benefited from the positive sentiment with
\nyields ending 7.5 basis points lower on the 2015 bond
\nand 5.5 basis points down on the 2026 issue.<\/p>\n

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

Power utility Eskom announced it would sell up to
\n250 million rand ($30.75 million) spread between its 2018 and
\n2026 bonds next Wednesday in its first auction of the year.
\n($1 = 8.1304 South African rand)\t<\/p>\n

(Reporting by Xola Potelwa; Editing by Susan Fenton)<\/p>\n

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

\n

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

* Rand breaks resistance to new 2012 high vs dollar * Manufacturing data surprises on upside JOHANNESBURG Jan 12 (Reuters) – The South African rand rallied to a five-week high against the dollar on Thursday, breaking through resistance levels as manufacturing data signalled improved economic growth . Rising risk appetite globally, underpinned by solid Spanish […]<\/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-6985","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\/6985","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=6985"}],"version-history":[{"count":0,"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/posts\/6985\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/media?parent=6985"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/categories?post=6985"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/tags?post=6985"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}