Loading...
See More

Rand nears one-month high

Feb 15 2013 09:18 Reuters
Rands

(picture: Shutterstock) (Shutterstock)

Related Articles

Rand stuck in two-week range vs dollar

Rand steady before state of nation speech

Rand remains range bound at midday

Rand back in a range after R9 support

Rand tracks euro weaker

Bonds weaker on softer rand

 
Johannesburg - The rand advanced to a near one-month high against the dollar on Friday and could strengthen further after breaking out of the R8.80 to R9.00 range in which it has traded recently.

The rand was at R8.8799/$ at 08:30, up 0.2% from Thursday's New York close. Earlier, it hit a high of R8.7701, a level not seen since January 17.

The currency edged up despite disappointing mining data released on Thursday, which showed that South Africa's gold output fell by 21.2% year-on-year in December while total mineral production fell by 7.5%.

Analysts described President Jacob Zuma's State of the Nation address, also on Thursday, as a "yawn" and said its effect on the rand was "neutral" with investors likely to look for more details about the government's intentions from next week's budget speech.

"The rand finally managed to gain some traction yesterday, breaking through our recent range (and importantly) closing below it," wrote Standard Bank trader Warrick Butler in a research note. 

"So now we look for a weekly close below, which I hope will provide the momentum for a move lower. Expect a bit of congestion between R8.7200 and R8.7500 though."

Government bond yields nudged lower, down 4 basis points on the 2026 paper and 1 basis point on the 2015  instrument. 
 

Follow Fin24 on Twitter, Facebook, Google+ and Pinterest.

bonds  |  rand  |  markets  |  currencies
NEXT ON FIN24X

 
 
 

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

Retailers of any shape and size can now unlock the power of mobile transacting.
 

Money Clinic

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