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Johannesburg - The rand extended its rebound in
midday trade on Monday as analysts believe the G8 pledge, which
guarantees Greece's stay in the eurozone, will be in favour of emerging
markets.
The financial crisis engulfing Greece and Spain has been of great concern in the recent past impacting on the currencies of emerging markets including the rand.
"The rand is firmer but we are not out of the woods yet. The outcome of the G8 showed positive support that Greece will not exit the eurozone. It continues to have a weak bias against the euro," a local trader said.
At 11:50 local time the rand was bid at R8.2990 to the dollar from Friday's worst level of R8.4457, Friday's close of R8.3197 and Thursday's close of R8.3606. Two weeks ago the rand was trading below R8 per dollar.
It was bid at R10.5973 to the euro from R10.6035 before, and at R13.1327 against sterling from R13.1327 previously.
The euro was bid at $1.2768 from Friday's worst level of $1.2641, Friday's close of $1.2755 and Thursday's close of $1.2694.
Dow Jones Newswires reported that a new international framework must be put in place to address financial stability across Europe, Bank of England Deputy Governor Paul Tucker and member of the Bundesbank's executive board Andreas Dombret said in the Financial Times on Monday.
While central banks - including the European Central Bank - have delivered price stability, the overall financial system wasn't held to such stringent rules and as a result expanded "rapidly without check", Tucker and Dombret said.
In order to limit the possibility of that - and the resulting global credit crunch - from happening again, both the BOE and the Bundesbank were introducing new institutional structures.
While Germany and the UK have different plans, they "have a common view of the right macro-prudential policy framework," and offer their advice and experience to the European Council, Parliament and Commission who are "making progress towards incorporating a framework of this kind".
Tucker and Dombret laid out six key points which they said would benefit a single European regulator.
Among those, flexibility and the possibility for early intervention by policy makers, and signs of "systemic risk in time to avert disaster," Tucker and Dombret said.
The financial crisis engulfing Greece and Spain has been of great concern in the recent past impacting on the currencies of emerging markets including the rand.
"The rand is firmer but we are not out of the woods yet. The outcome of the G8 showed positive support that Greece will not exit the eurozone. It continues to have a weak bias against the euro," a local trader said.
At 11:50 local time the rand was bid at R8.2990 to the dollar from Friday's worst level of R8.4457, Friday's close of R8.3197 and Thursday's close of R8.3606. Two weeks ago the rand was trading below R8 per dollar.
It was bid at R10.5973 to the euro from R10.6035 before, and at R13.1327 against sterling from R13.1327 previously.
The euro was bid at $1.2768 from Friday's worst level of $1.2641, Friday's close of $1.2755 and Thursday's close of $1.2694.
Dow Jones Newswires reported that a new international framework must be put in place to address financial stability across Europe, Bank of England Deputy Governor Paul Tucker and member of the Bundesbank's executive board Andreas Dombret said in the Financial Times on Monday.
While central banks - including the European Central Bank - have delivered price stability, the overall financial system wasn't held to such stringent rules and as a result expanded "rapidly without check", Tucker and Dombret said.
In order to limit the possibility of that - and the resulting global credit crunch - from happening again, both the BOE and the Bundesbank were introducing new institutional structures.
While Germany and the UK have different plans, they "have a common view of the right macro-prudential policy framework," and offer their advice and experience to the European Council, Parliament and Commission who are "making progress towards incorporating a framework of this kind".
Tucker and Dombret laid out six key points which they said would benefit a single European regulator.
Among those, flexibility and the possibility for early intervention by policy makers, and signs of "systemic risk in time to avert disaster," Tucker and Dombret said.
