{"id":8847,"date":"2012-03-13T03:07:25","date_gmt":"2012-03-13T01:07:25","guid":{"rendered":"http:\/\/www.myza.co.za\/03\/investors-take-profit-on-safricas-rand-bulls-likely-done\/"},"modified":"2012-03-13T03:07:25","modified_gmt":"2012-03-13T01:07:25","slug":"investors-take-profit-on-safricas-rand-bulls-likely-done","status":"publish","type":"post","link":"https:\/\/www.myza.co.za\/press\/investors-take-profit-on-safricas-rand-bulls-likely-done\/","title":{"rendered":"Investors take profit on SAfrica&#8217;s rand, bulls likely done"},"content":{"rendered":"<p>\t\t<span><\/span><\/p>\n<p>* Rand stuck in range, investors take some profit<span><\/span><\/p>\n<p><span><\/span><\/p>\n<p>* Foreigners bought local debt last week, yields steady on<br \/>\nMonday<\/p>\n<p><span><\/span><\/p>\n<p><span class=\"articleLocation\">JOHANNESBURG, March 12<\/span> (Reuters) &#8211; The rand steadied<br \/>\nagainst the dollar on Monday, with investors preferring to take<br \/>\nsmall profits within a two-week trading range pending fresh<br \/>\ndirection from data due later in the week.<\/p>\n<p><span><\/span><\/p>\n<p>Trading volumes were thin and charts suggest the rand has<br \/>\nabandoned attempts at its 2012 high and will likely retreat<br \/>\nfurther.<\/p>\n<p><span><\/span><\/p>\n<p>The local unit was at 7.5685 at 1627 GMT, nearly<br \/>\nunchanged from its New York close on Friday. The rand started<br \/>\nthe year above 8 to the dollar and has gained 6 percent since<br \/>\nthen, strengthening to 7.4020\/dollar at the end of February.<\/p>\n<p><span><\/span><\/p>\n<p>&#8220;I think the (dollar) bears are exhausted and we see a<br \/>\npotential base developing on the USD\/ZAR charts,&#8221; said Kamran<br \/>\nSheikh, a technical analyst at Informa Global Markets.<\/p>\n<p><span><\/span><\/p>\n<p>Rallies usually follow once a base has developed and been<br \/>\nconfirmed, and may mean the market has consolidated and the<br \/>\ntrend is dying out.<\/p>\n<p><span><\/span><\/p>\n<p>The rand is likely to find initial support near 7.6400,<br \/>\nwhich if broken would open up last week&#8217;s 7.6800 low.<\/p>\n<p><span><\/span><\/p>\n<p>Low trading volumes are expected and the currency pair may<br \/>\nlanguish in a range until mid-week when retail sales numbers are<br \/>\nreleased.<br \/>\n\u00a0 <span class=\"label\"><strong>Continued&#8230;<\/strong><\/span><\/p>\n<p><span><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>* Rand stuck in range, investors take some profit * Foreigners bought local debt last week, yields steady on Monday JOHANNESBURG, March 12 (Reuters) &#8211; The rand steadied against the dollar on Monday, with investors preferring to take small profits within a two-week trading range pending fresh direction from data due later in the week. [&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-8847","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\/8847","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=8847"}],"version-history":[{"count":0,"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/posts\/8847\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/media?parent=8847"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/categories?post=8847"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/tags?post=8847"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}