{"id":9341,"date":"2012-03-26T15:31:53","date_gmt":"2012-03-26T13:31:53","guid":{"rendered":"http:\/\/www.myza.co.za\/03\/s-africas-rand-on-back-foot-bonds-edge-up\/"},"modified":"2012-03-26T15:31:53","modified_gmt":"2012-03-26T13:31:53","slug":"s-africas-rand-on-back-foot-bonds-edge-up","status":"publish","type":"post","link":"https:\/\/www.myza.co.za\/press\/s-africas-rand-on-back-foot-bonds-edge-up\/","title":{"rendered":"S.Africa’s rand on back foot, bonds edge up"},"content":{"rendered":"

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

JOHANNESBURG, March 26<\/span> (Reuters) – The South African rand
\nwas off last week’s four-week lows against the dollar on Monday
\nbut remained on the back foot, with renewed worries on China’s
\ngrowth prospects likely to weigh on commodity currencies
\noverall.<\/span><\/p>\n

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

Government bonds edged higher, extending last week’s gains
\nas investors, who are now seeing a lesser chance of domestic
\ninterest rate cuts this year, buy back into local debt.<\/p>\n

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

The yields on the benchmark three-year and 14-year
\npaper each shed a basis point to 6.82 percent and 8.45
\npercent respectively.<\/p>\n

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

“There was a lot of short-covering last week, with about 2.5
\nbillion rand bought by foreigners on Friday, so there’s
\ndefinitely been good demand after CPI came out lower than
\nexpected,” a Johannesburg bond trader said.<\/p>\n

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

“A lot of guys were pricing in rate hikes before that and
\nthat’s reversed aggressively.”<\/p>\n

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

By 0647 GMT the local currency was at 7.7030 to the
\ngreenback, a loss of 0.3 percent from Friday’s close.<\/p>\n

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

“Resurgent concerns over China’s growth has commodity prices
\nand commodity currencies under pressure this morning,” Standard
\nBank strategist Nomvuyo Guma said in a note.<\/p>\n

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

The rand should however find support around the 7.75
\npercent level, after failing to push beyond that both on
\nThursday and on Friday, when it bounced back to close at 7.68.<\/p>\n

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

“(This) could imply that the bearish momentum that
\ncharacterized most of last week’s trade has run out of steam,”
\nsaid Absa Capital.\t<\/p>\n

(Reporting by Stella Mapenzauswa; editing by David Dolan)<\/p>\n

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

\n

\t\t\u00a9 Thomson Reuters 2012 All rights reserved<\/p>\n","protected":false},"excerpt":{"rendered":"

JOHANNESBURG, March 26 (Reuters) – The South African rand was off last week’s four-week lows against the dollar on Monday but remained on the back foot, with renewed worries on China’s growth prospects likely to weigh on commodity currencies overall. Government bonds edged higher, extending last week’s gains as investors, who are now seeing a […]<\/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-9341","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\/9341","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=9341"}],"version-history":[{"count":0,"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/posts\/9341\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/media?parent=9341"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/categories?post=9341"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/tags?post=9341"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}