{"id":7698,"date":"2012-02-07T01:44:26","date_gmt":"2012-02-06T23:44:26","guid":{"rendered":"http:\/\/www.myza.co.za\/02\/safricas-rand-down-1-8-pct-vs-dlr-likely-correcting\/"},"modified":"2012-02-07T01:44:26","modified_gmt":"2012-02-06T23:44:26","slug":"safricas-rand-down-1-8-pct-vs-dlr-likely-correcting","status":"publish","type":"post","link":"https:\/\/www.myza.co.za\/press\/safricas-rand-down-1-8-pct-vs-dlr-likely-correcting\/","title":{"rendered":"SAfrica’s rand down 1.8 pct vs dlr, likely correcting"},"content":{"rendered":"

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

* Rand retreats from year high, seen as overbought<\/span><\/p>\n

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

* Bonds follow rand weaker, yields up 8 basis points<\/p>\n

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

JOHANNESBURG<\/span> Feb 6 (Reuters) – South Africa’s rand
\nlost nearly 2 percent against the dollar on Monday, retreating
\nfurther from last week’s 5-month highs as investors used delayed
\ndebt talks in Greece to take profits on a currency some said had
\nrallied too quickly.<\/p>\n

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

The rand weakened to 7.6540 compared to a close of
\n7.52 in New York on Friday.<\/p>\n

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

Markets were keeping a close eye on a meeting of Greece’s
\npolitical leaders to thrash out a programme of reforms in
\nexchange for a bailout deal. It was postponed to Tuesday,
\ndampening investor appetite for riskier assets.<\/p>\n

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

Analysts pointed to a big barrier in the rand’s rally at
\n7.50, which seemed to have kicked in during the session.<\/p>\n

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

“A former peak (Aug 2011) at 7.5000 and a few Fibonacci
\nretracement and projection levels nearby have potentially halted
\nthe (dollar) decline,” said Kamran Sheikh, a technical
\nstrategist at Informa Global Markets.<\/p>\n

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

“Furthermore, the market is oversold. I think a corrective
\nrally is possibly around the corner,” Sheikh added.<\/p>\n

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

Yields on government bonds were up around 8 basis points to
\n6.51 percent on the three-year issue and to 8.165
\npercent on the 14-year bond, with prices retreating
\nfrom last week’s 2012 highs in tandem with the currency.
\n\u00a0 Continued…<\/strong><\/span><\/p>\n

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

* Rand retreats from year high, seen as overbought * Bonds follow rand weaker, yields up 8 basis points JOHANNESBURG Feb 6 (Reuters) – South Africa’s rand lost nearly 2 percent against the dollar on Monday, retreating further from last week’s 5-month highs as investors used delayed debt talks in Greece to take profits on […]<\/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-7698","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\/7698","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=7698"}],"version-history":[{"count":0,"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/posts\/7698\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/media?parent=7698"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/categories?post=7698"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/tags?post=7698"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}