{"id":7595,"date":"2012-02-03T01:38:18","date_gmt":"2012-02-02T23:38:18","guid":{"rendered":"http:\/\/www.myza.co.za\/02\/s-africas-holds-near-5-mnth-high-greece-casts-shadow\/"},"modified":"2012-02-03T01:38:18","modified_gmt":"2012-02-02T23:38:18","slug":"s-africas-holds-near-5-mnth-high-greece-casts-shadow","status":"publish","type":"post","link":"https:\/\/www.myza.co.za\/press\/s-africas-holds-near-5-mnth-high-greece-casts-shadow\/","title":{"rendered":"S.Africa’s holds near 5-mnth high, Greece casts shadow"},"content":{"rendered":"

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

* Rand could come under pressure from contagion fears<\/span><\/p>\n

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

* Bond inflows should cushion rand somewhat<\/p>\n

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

JOHANNESBURG<\/span> Feb 2 (Reuters) – South Africa’s rand
\nhovered close to the previous day’s five-month highs against the
\ndollar on Thursday but could come under renewed pressure in
\ncoming days as fears of global contagion from euro zone debt
\nproblems, particularly in Greece, persist.<\/p>\n

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

Improved risk appetite has lifted the rand by about five
\npercent against the greenback since the start of this after
\ntumbling nearly 23 percent last year as Europe’s debt woes drove
\ninvestors to traditional safe-haven assets, away from emerging
\nmarkets seen as carrying more risk.<\/p>\n

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

By 1542 GMT the rand was at 7.6655 to the dollar,
\njust 0.13 percent off Wednesday’s close at 7.6555.<\/p>\n

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

Market analysts said the currency’s current strong run,
\nwhich this week saw it reach its highest level since late
\nSeptember last year, could soon run out of steam as the threat
\nof a default by Greece lingers.<\/p>\n

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

“We think that the market also has to digest the likelihood
\nthat even once and if the Greece situation is partly solved,
\nPortugal is standing in the wings to kind of take up that
\nplace,” Bank of America Merrill Lynch analyst Matthew Sharratt
\nsaid.<\/p>\n

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

“So there’s a lot of what we think could be negative news
\ncoming from Europe in the weeks and months ahead. We expect to
\nsee by the time we get to the second quarter more evidence of a
\nvery weak global growth picture and that we think might be
\nnegative for markets.”<\/p>\n

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

The rand should however find some support from portfolio
\nflows into South African government bonds, which are offering
\nmuch higher returns compared with near-zero rates in developed
\ncountries.
\n\u00a0 Continued…<\/strong><\/span><\/p>\n

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

* Rand could come under pressure from contagion fears * Bond inflows should cushion rand somewhat JOHANNESBURG Feb 2 (Reuters) – South Africa’s rand hovered close to the previous day’s five-month highs against the dollar on Thursday but could come under renewed pressure in coming days as fears of global contagion from euro zone debt […]<\/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-7595","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\/7595","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=7595"}],"version-history":[{"count":0,"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/posts\/7595\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/media?parent=7595"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/categories?post=7595"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/tags?post=7595"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}