{"id":8392,"date":"2012-02-28T02:39:15","date_gmt":"2012-02-28T00:39:15","guid":{"rendered":"http:\/\/www.myza.co.za\/02\/s-africas-rand-hits-2-week-high-on-offshore-buying\/"},"modified":"2012-02-28T02:39:15","modified_gmt":"2012-02-28T00:39:15","slug":"s-africas-rand-hits-2-week-high-on-offshore-buying","status":"publish","type":"post","link":"https:\/\/www.myza.co.za\/press\/s-africas-rand-hits-2-week-high-on-offshore-buying\/","title":{"rendered":"S.Africa&#8217;s rand hits 2 week-high on offshore buying"},"content":{"rendered":"<p>\t\t<span><\/span><\/p>\n<p>* Rand gains after local traders go off as NY, London buy<span><\/span><\/p>\n<p><span><\/span><\/p>\n<p>* Bonds slightly weaker but foreigners still buying local<br \/>\ndebt<\/p>\n<p><span><\/span><\/p>\n<p><span class=\"articleLocation\">JOHANNESBURG<\/span> Feb 27 (Reuters) &#8211; The rand turned<br \/>\nfirmer against the dollar in late afternoon trade on Monday,<br \/>\nhitting a fresh two-week high as offshore hedge funds saw the<br \/>\nlocal currency attractive at levels below previous resistance.<\/p>\n<p><span><\/span><\/p>\n<p>Investors were also cheered by reports of the approval of a<br \/>\nGreece bailout package.<\/p>\n<p><span><\/span><\/p>\n<p>The rand was 0.7 percent firmer at 7.5422 at 1650<br \/>\nGMT, levels last seen on Feb. 8, reversing the day&#8217;s losses<br \/>\nafter offshore traders came into the market to sell dollars on<br \/>\nMonday.<\/p>\n<p><span><\/span><\/p>\n<p>The currency is now just short of testing resistance at<br \/>\n7.52, a level it bounced from earlier this month.<\/p>\n<p><span><\/span><\/p>\n<p>&#8220;There was quite a bit of dollar selling from offshore New<br \/>\nYork and London names, we suspect a lot of it has to do with<br \/>\nmodel and hedge funds at these levels,&#8221; a local currency dealer<br \/>\nsaid.<\/p>\n<p><span><\/span><\/p>\n<p>Rand resistance had previously been at Friday&#8217;s high of<br \/>\n7.58. It closed at 7.5950 in New York on Friday.<\/p>\n<p><span><\/span><\/p>\n<p>Dealers said once the 7.58 level gave way on Monday, the<br \/>\nrand made quick gains to current levels and may test 7.52, its<br \/>\nnext strong resistance.<br \/>\n\u00a0 <span class=\"label\"><strong>Continued&#8230;<\/strong><\/span><\/p>\n<p><span><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>* Rand gains after local traders go off as NY, London buy * Bonds slightly weaker but foreigners still buying local debt JOHANNESBURG Feb 27 (Reuters) &#8211; The rand turned firmer against the dollar in late afternoon trade on Monday, hitting a fresh two-week high as offshore hedge funds saw the local currency attractive at [&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-8392","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\/8392","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=8392"}],"version-history":[{"count":0,"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/posts\/8392\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/media?parent=8392"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/categories?post=8392"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/tags?post=8392"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}