Data provided by iNet BFA
Loading...
See More

Rand seen range-bound with weaker bias

Feb 08 2013 09:37 Reuters
Rands

(picture: Shutterstock) (Shutterstock)

Related Articles

Rand sentiment positive ahead of data

Rand weaker but firmer bias remains

Rand higher before manufacturing data

Rand set to test R8.80/$, bonds supported

Rand hit by euro worries

Bonds flat despite softer rand

 
Johannesburg - The rand is expected to remain range-bound in the days ahead, continuing a lacklustre recovery from a four-month low hit late last month.

The rand was at R8.9077/$ at 08:38 on Friday, largely unchanged from Thursday's New York close.

After falling to R9.16/$ at the end of January, the rand has clawed its way back to trade below R9 this week but still remains vulnerable.

"For now, it remains on a weaker bias looking for higher levels," said Brigid Taylor, head of institutional sales at Nedbank. "At the moment, pretty much range-bound between R8.80 and R9."

European Central Bank President Mario Draghi's comments on Thursday about risks to the eurozone economy fuelled demand for safe-haven assets such as US Treasuries, which could add to pressure on the rand, Taylor said.

"You're going to start seeing offshore markets move in tandem with what happened yesterday with regard to the ECB," she said. "It poses upside risks to the rand. Safer haven assets have rallied."

Government bonds were firmer, with the 2015 paper  yielding 5.3%, a 2 basis point drop from the previous day, while the 2026 instrument was 0.5 basis points lower at 7.315%.

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

rand  |  currencies  |  markets bonds
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

A cash flow crunch often occurs in small businesses trying to balance cash coming in with cash going out. Watch this video to help you improve.
 
 

Passive investment for retirement

The use of passive investment products, like Exchange Traded Funds, to deliver low-cost investment performance is taking off.

 
 

Start saving...

Time the key for retirement saving
Dummy's guide to saving
Save money with affordable account
All about endowments

Money Clinic

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