Data provided by McGregor BFA
All data is delayed
Loading...
See More

Rand feels eurozone pressure

Sep 25 2012 09:22 Reuters

Related Articles

Rand stays firmer in quiet trade

Rand firms, bond yields fall

Rand weakens due to SA army deployment

Rand weaker on dollar strength

Rand weak, bonds muted ahead of MPC

Rand tracks euro stronger

 
Johannesburg - The rand opened softer against the dollar on Tuesday after the currency of its main trading partner, Europe, fell due to more worries about Spain’s debt situation and German business data raised fears of slowing growth. 

The rand was 0.32% weaker at R8.2670 against the dollar at 06:23 GMT from New York’s Monday close of R8.24.

Lower trading volumes are expected on Tuesday after a national public holiday in South Africa.

“With poor global data and renewed concerns about Europe, EUR/USD is starting to slide again,” Rand Merchant Bank said in a note. “The trend is now downwards, placing some mild upside pressure on USD/ZAR.”

A drop in German business sentiment to its lowest since early 2010 stoked concerns about a slowdown in the eurozone’s largest economy, despite the European Central Bank’s recently announced bond-buying plan.

Spain also remained in focus as its government bond yields rose on concerns Madrid is dragging its feet in requesting the international bailout that most market participants expect.

The yield on South Africa’s three year bond declined six basis points to 5.33% and that on the longer dated 14-year paper shedding eight basis points to 7.39%.

Treasury is due to auction on Tuesday R2.1bn in total of its 2023, 2026 and 2048 government bonds at 09:00 GMT.

“Demand is once again expected to remain robust with activity generally picking up around auctions,” Rand Merchant Bank added.


* Follow Fin24 on TwitterFacebookGoogle+ and Pinterest.

bonds  |  rand  |  markets
NEXT ON FIN24X

Rand remains under pressure

2014-04-23 19:15

 
 
 

Read Fin24’s Comments Policy

24.com publishes all comments posted on articles provided that they adhere to our Comments Policy. Should you wish to report a comment for editorial review, please do so by clicking the 'Report Comment' button to the right of each comment.

Comment on this story
0 comments
Add your comment
Comment 0 characters remaining
 

Company Snapshot

We're Talking About: Small Business

Standard Bank is looking for 12 entrepreneurs to participate in a 10-part TV series. They could win a R1m investment into their dream.
 
 

Zuma: Fight corruption in private, public sectors

Corruption must be fought in both the private and public sectors, President Jacob Zuma has said.

 
 

Latest elections multimedia

11 Julius Malema quotes you'll never forget
DA won't get 30% - Zille
The EFF's ad was banned, see why
Why Jack Parow wants you to vote on 7 May

Money Clinic

Money Clinic
Do you have a question about your finances? We'll get an expert opinion.
Click here...
Loading...