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Johannesburg - The South African bond market was off its worst level in midday trade on Monday as the rand recovered some of its losses after it weakened following a bank bailout deal in Cyprus that led to a selloff in the euro.
“Flows are still very light‚ as the market is in wait-and-see mode until after the monetary policy committee makes its decision known on Wednesday‚” a local bond trader said.
At 11:54 the benchmark R186 was trading at 7.395% from a worst level of 7.435% and 7.390% at Friday’s close. The R157 was trading at 5.415% from 5.380% at its previous close. The R207 was bid at 6.355% and offered at 6.325% from its previous close of 6.350%.
The rand was bid at R9.1993/$ from a worst level on Monday of R9.2545/$ and R9.1684/$ at Friday’s close.
The South African Reserve Bank’s monetary policy committee started its three-day meeting on Monday morning.
In contrast to the normal practice of starting its media briefing at 15:00‚ it will this time start at noon on Wednesday as Thursday is a public holiday.
“Flows are still very light‚ as the market is in wait-and-see mode until after the monetary policy committee makes its decision known on Wednesday‚” a local bond trader said.
At 11:54 the benchmark R186 was trading at 7.395% from a worst level of 7.435% and 7.390% at Friday’s close. The R157 was trading at 5.415% from 5.380% at its previous close. The R207 was bid at 6.355% and offered at 6.325% from its previous close of 6.350%.
The rand was bid at R9.1993/$ from a worst level on Monday of R9.2545/$ and R9.1684/$ at Friday’s close.
The South African Reserve Bank’s monetary policy committee started its three-day meeting on Monday morning.
In contrast to the normal practice of starting its media briefing at 15:00‚ it will this time start at noon on Wednesday as Thursday is a public holiday.
