{"id":7688,"date":"2012-02-06T13:44:55","date_gmt":"2012-02-06T11:44:55","guid":{"rendered":"http:\/\/www.myza.co.za\/02\/s-africas-rand-retreats-after-strong-gains\/"},"modified":"2012-02-06T13:44:55","modified_gmt":"2012-02-06T11:44:55","slug":"s-africas-rand-retreats-after-strong-gains","status":"publish","type":"post","link":"https:\/\/www.myza.co.za\/press\/s-africas-rand-retreats-after-strong-gains\/","title":{"rendered":"S.Africa&#8217;s rand retreats after strong gains"},"content":{"rendered":"<p>\t\t<span><\/span><\/p>\n<p><span class=\"articleLocation\">JOHANNESBURG<\/span> Feb 6 (Reuters) &#8211; South Africa&#8217;s rand<br \/>\nretreated from last week&#8217;s five-month highs against the dollar<br \/>\non Monday, having posted its best weekly performance since<br \/>\nDecember, with uncertainty over a bailout for debt-ridden Greece<br \/>\nweighing on investors&#8217; risk appetite.<span><\/span><\/p>\n<p><span><\/span><\/p>\n<p>Government bonds also pulled back, although support should<br \/>\ncome from foreigners attracted by the relatively high yields on<br \/>\nlocal debt.<\/p>\n<p><span><\/span><\/p>\n<p>Yields rose on Monday, with both the three-year bond<br \/>\n and the 2026 issue each adding five basis<br \/>\npoints to 6.48 percent and 8.135 percent respectively.<\/p>\n<p><span><\/span><\/p>\n<p>By 0656 GMT, the rand was at 7.5780 to the dollar,<br \/>\na 0.77 percent decline from Friday&#8217;s close at 7.5200.<\/p>\n<p><span><\/span><\/p>\n<p>From being the best performer on Friday among 20 emerging<br \/>\nmarket currencies monitored by Reuters, the rand was second<br \/>\nworst on Monday after the Polish zloty, although the two<br \/>\ncurrencies have rallied the most against the greenback so far<br \/>\nthis year.<\/p>\n<p><span><\/span><\/p>\n<p>&#8220;Technically, dollar-rand has been oversold for a long time<br \/>\nnow and one could be forgiven for thinking that it needs to take<br \/>\na breather,&#8221; Tradition Analytics said in a note.<\/p>\n<p><span><\/span><\/p>\n<p>&#8220;This week may be the week when the pair eventually stalls,<br \/>\nbut we would wait for confirmation of that before turning the<br \/>\nview held for the past two weeks, especially with the<br \/>\nfundamentals abroad holding the potential to boost sentiment.&#8221;<\/p>\n<p><span><\/span><\/p>\n<p>The rand&#8217;s recent gains have in large part been due to<br \/>\nfavourable economic data out of the U.S., which has boosted<br \/>\nemerging market sentiment, including better-than-expected jobs<br \/>\nnumbers on Friday.<\/p>\n<p><span><\/span><\/p>\n<p>But on Monday the local currency tracked the euro, which<br \/>\nslipped as Greek coalition parties dithered on approving the<br \/>\nterms for a new bailout with a deadline just hours away, raising<br \/>\nworries the whole rescue scheme could flop. \t<\/p>\n<p> (Reporting by Stella Mapenzauswa; Editing by Ed Cropley)<\/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>JOHANNESBURG Feb 6 (Reuters) &#8211; South Africa&#8217;s rand retreated from last week&#8217;s five-month highs against the dollar on Monday, having posted its best weekly performance since December, with uncertainty over a bailout for debt-ridden Greece weighing on investors&#8217; risk appetite. Government bonds also pulled back, although support should come from foreigners attracted by the relatively [&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-7688","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\/7688","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=7688"}],"version-history":[{"count":0,"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/posts\/7688\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/media?parent=7688"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/categories?post=7688"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/tags?post=7688"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}