{"id":7627,"date":"2012-02-04T01:40:06","date_gmt":"2012-02-03T23:40:06","guid":{"rendered":"http:\/\/www.myza.co.za\/02\/s-africas-rand-tests-new-highs-resistance-looms\/"},"modified":"2012-02-04T01:40:06","modified_gmt":"2012-02-03T23:40:06","slug":"s-africas-rand-tests-new-highs-resistance-looms","status":"publish","type":"post","link":"https:\/\/www.myza.co.za\/press\/s-africas-rand-tests-new-highs-resistance-looms\/","title":{"rendered":"S.Africa&#8217;s rand tests new highs, resistance looms"},"content":{"rendered":"<p>\t\t<span><\/span><\/p>\n<p>* Rand could meet resistance at 7.50\/dollar<span><\/span><\/p>\n<p><span><\/span><\/p>\n<p>* Rand best performer among 20 EM currencies<\/p>\n<p><span><\/span><\/p>\n<p><span class=\"articleLocation\">JOHANNESBURG<\/span> Feb 3 (Reuters) &#8211; South Africa&#8217;s rand<br \/>\nclimbed as much as 1.3 percent against the dollar on Friday as<br \/>\nbetter-than-anticipated jobs data out of the U.S. boosted<br \/>\nappetite for emerging markets, but the currency could struggle<br \/>\nto make any further significant gains next week.<\/p>\n<p><span><\/span><\/p>\n<p>The rand turned out the best performance in a basket of 20<br \/>\nemerging market currencies monitored by Reuters, and was on<br \/>\ntrack to record its biggest weekly gain against the greenback<br \/>\nsince early December 2011.<\/p>\n<p><span><\/span><\/p>\n<p>By 1621 GMT, the rand was trading 0.98 percent<br \/>\nfirmer at 7.5650 against the dollar. It touched a session high<br \/>\nof 7.54 earlier, its strongest level since Sept. 19 last year,<br \/>\nin a rally triggered by non-farm payroll (NFP) data showing a<br \/>\nlarger-than-expected gain in U.S. jobs.<\/p>\n<p><span><\/span><\/p>\n<p>Favourable data from the world&#8217;s largest economy tends to<br \/>\nboost risk appetite, buoying demand for high-yield currencies<br \/>\nsuch as the rand.<\/p>\n<p><span><\/span><\/p>\n<p>&#8220;The initial move in the markets post the relase of the NFP<br \/>\ncaused the euro\/dollar to rally to just above 1.32 and this<br \/>\nassisted the rand in gaining ground,&#8221; said William Van Rijn, a<br \/>\nforex trader at Nedbank.<\/p>\n<p><span><\/span><\/p>\n<p>&#8220;Technically the next target on the downside (firmer) for<br \/>\nthe rand would be the test of 7.50, however we have been calling<br \/>\nfor a correction, given the extent of the moves in the rand over<br \/>\nthe last few sessions this seems likely,&#8221; he added.<\/p>\n<p><span><\/span><\/p>\n<p>Government bonds weakened slightly, with the yield on the<br \/>\nthree-year bond closing 3.5 basis points higher at<br \/>\n6.43 percent. The yield for the 2026 issue added two<br \/>\nbasis points to 8.085 percent.<\/p>\n<p><span><\/span><\/p>\n<p>The rand is up more than six percent on the greenback so far<br \/>\nthis year, partly reversing some of last year&#8217;s sharp losses<br \/>\nwhen investors bailed out of risky assets on fears about the<br \/>\nimpact of a debt crisis bedevilling some European countries.\t<\/p>\n<p> (Reporting by Stella Mapenzauswa)<\/p>\n<p><span><\/span><\/p>\n<p class=\"copyright\">\n<p>         \t\t\u00a9 Thomson Reuters 2012 All rights reserved<\/p>\n","protected":false},"excerpt":{"rendered":"<p>* Rand could meet resistance at 7.50\/dollar * Rand best performer among 20 EM currencies JOHANNESBURG Feb 3 (Reuters) &#8211; South Africa&#8217;s rand climbed as much as 1.3 percent against the dollar on Friday as better-than-anticipated jobs data out of the U.S. boosted appetite for emerging markets, but the currency could struggle to make any [&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-7627","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\/7627","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=7627"}],"version-history":[{"count":0,"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/posts\/7627\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/media?parent=7627"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/categories?post=7627"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/tags?post=7627"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}