{"id":9833,"date":"2012-04-12T04:07:47","date_gmt":"2012-04-12T02:07:47","guid":{"rendered":"http:\/\/www.myza.co.za\/04\/rand-near-2-12-month-lows-vs-dollar-outlook-bearish\/"},"modified":"2012-04-12T04:07:47","modified_gmt":"2012-04-12T02:07:47","slug":"rand-near-2-12-month-lows-vs-dollar-outlook-bearish","status":"publish","type":"post","link":"https:\/\/www.myza.co.za\/press\/rand-near-2-12-month-lows-vs-dollar-outlook-bearish\/","title":{"rendered":"Rand near 2-1\/2 month lows vs dollar, outlook bearish"},"content":{"rendered":"<p>\t\t<span><\/span><\/p>\n<p>* Manufacturing jump gives rand momentary reprieve<span><\/span><\/p>\n<p><span><\/span><\/p>\n<p>* Rand expected to weaken with bleak global growth<\/p>\n<p><span><\/span><\/p>\n<p><span class=\"articleLocation\">JOHANNESBURG, April 11<\/span> (Reuters) &#8211; South Africa&#8217;s rand<br \/>\nweakened against the dollar on Wednesday, holding around the 8<br \/>\nrand level after testing 2-1\/2 month lows earlier in the session<br \/>\nduring a softer trend for the currency caused by a bleak global<br \/>\ngrowth outlook.<\/p>\n<p><span><\/span><\/p>\n<p>Upbeat local manufacturing data out earlier momentary lifted<br \/>\nthe currency from weaker levels as the sector, which contributes<br \/>\n15 percent of GDP, signalled decent growth in the first quarter,<br \/>\nhowever analysts say the robust number will not be sustained<br \/>\nthrough the year.<\/p>\n<p><span><\/span><\/p>\n<p>The rand, highly correlated to global risk sentiment because<br \/>\nof South Africa&#8217;s trading ties with Europe and China and the<br \/>\ncurrency&#8217;s deep liquidity, is expected to weaken past 8 rand for<br \/>\nthe remainder of the week while uncertainty about Europe<br \/>\nprevails.<\/p>\n<p><span><\/span><\/p>\n<p>The local unit was 0.34 percent weaker at<br \/>\n8.0073\/dollar at 1607 GMT, off Tuesday&#8217;s 7.9805 close. It hit<br \/>\n2-1\/2 month lows of 8.0515 earlier.<\/p>\n<p><span><\/span><\/p>\n<p>February factory output grew by 4.1 percent in volume terms<br \/>\non an annual basis from 2.3 percent in January, beating market<br \/>\nexpectations for 2.0 percent growth.<\/p>\n<p><span><\/span><\/p>\n<p>It touched 7.9665 after the robust data, before retreating.<\/p>\n<p><span><\/span><\/p>\n<p>&#8220;Despite the positive data, we believe that the rand is<br \/>\nlikely to remain on the back foot in the short to medium term<br \/>\ndue to lingering concerns over Europe with a particular focus on<br \/>\ndevelopments in Spain,&#8221; Shireen Darmalingam, an economist at<br \/>\nStandard Bank said in a note.<br \/>\n\u00a0 <span class=\"label\"><strong>Continued&#8230;<\/strong><\/span><\/p>\n<p><span><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>* Manufacturing jump gives rand momentary reprieve * Rand expected to weaken with bleak global growth JOHANNESBURG, April 11 (Reuters) &#8211; South Africa&#8217;s rand weakened against the dollar on Wednesday, holding around the 8 rand level after testing 2-1\/2 month lows earlier in the session during a softer trend for the currency caused by a [&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-9833","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\/9833","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=9833"}],"version-history":[{"count":0,"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/posts\/9833\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/media?parent=9833"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/categories?post=9833"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/tags?post=9833"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}