{"id":8420,"date":"2012-02-29T02:41:32","date_gmt":"2012-02-29T00:41:32","guid":{"rendered":"http:\/\/www.myza.co.za\/02\/south-africas-rand-edges-firmer-bonds-also-up\/"},"modified":"2012-02-29T02:41:32","modified_gmt":"2012-02-29T00:41:32","slug":"south-africas-rand-edges-firmer-bonds-also-up","status":"publish","type":"post","link":"https:\/\/www.myza.co.za\/press\/south-africas-rand-edges-firmer-bonds-also-up\/","title":{"rendered":"South Africa&#8217;s rand edges firmer, bonds also up"},"content":{"rendered":"<p>\t\t<span><\/span><\/p>\n<p>* Central bank buys dollars at 7.51 level<span><\/span><\/p>\n<p><span><\/span><\/p>\n<p>* Rand firms after GDP surprises to upside<\/p>\n<p><span><\/span><\/p>\n<p><span class=\"articleLocation\">JOHANNESBURG<\/span> Feb 28 (Reuters) &#8211; South Africa&#8217;s rand<br \/>\nwas little changed from overnight closing levels in late Tuesday<br \/>\ntrade, struggling to break resistance at 7.52, but could renew<br \/>\nits attempt for more gains this week, supported by improved<br \/>\nemerging market risk sentiment.<\/p>\n<p><span><\/span><\/p>\n<p>Government bonds rallied and yields inversely edged lower,<br \/>\nwith the latest weekly auction pointing to strong demand for<br \/>\nSouth Africa&#8217;s high-yielding debt, particularly at the longer<br \/>\nend of the curve.<\/p>\n<p><span><\/span><\/p>\n<p>The rand briefly touched a five month high of 7.5050\/dollar<br \/>\npartly boosted by data showing South Africa&#8217;s economic growth<br \/>\naccelerated more than expected in the fourth quarter of 2011,<br \/>\nsuggesting there is no need for further monetary easing<br \/>\n.<\/p>\n<p><span><\/span><\/p>\n<p>This means domestic rates will remain much more attractive<br \/>\nfor investors than those in developed states.<\/p>\n<p><span><\/span><\/p>\n<p>At 1629 GMT the currency was trading at 7.53 to the<br \/>\ndollar, up 0.41 percent from Monday&#8217;s New York close of 7.5610.<\/p>\n<p><span><\/span><\/p>\n<p>&#8220;We saw rand almost go through 7.50 today but there was a<br \/>\nlittle bit of buying from the SARB (South African Reserve Bank)<br \/>\nand there was quite a lot of importer interest at these levels,&#8221;<br \/>\nsaid Brigid Taylor, Head of Institutional Sales at Nedbank.<\/p>\n<p><span><\/span><\/p>\n<p>The SARB insists it does not target a level for the rand,<br \/>\nbut has said it will take advantage of a stronger currency to<br \/>\nbuild its foreign exchange reserves.<br \/>\n\u00a0 <span class=\"label\"><strong>Continued&#8230;<\/strong><\/span><\/p>\n<p><span><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>* Central bank buys dollars at 7.51 level * Rand firms after GDP surprises to upside JOHANNESBURG Feb 28 (Reuters) &#8211; South Africa&#8217;s rand was little changed from overnight closing levels in late Tuesday trade, struggling to break resistance at 7.52, but could renew its attempt for more gains this week, supported by improved emerging [&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-8420","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\/8420","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=8420"}],"version-history":[{"count":0,"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/posts\/8420\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/media?parent=8420"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/categories?post=8420"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/tags?post=8420"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}