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Rand set to snap losing streak

Johannesburg - The rand looked set to snap a four-session losing streak against the dollar on Wednesday as investor sentiment towards emerging markets received a boost from solid Chinese growth data.

Analysts, however, expected global risk appetite to remain cautious as the political crisis in Ukraine plays out, while a prolonged strike in the platinum mining sector remains a worry for investors.

By 16:11GMT the rand was trading at R10.5450/$, a tick higher than its previous close at R10.5595/$.

Government bonds ended flat to firmer, with the yield on the 2026 benchmark at the longer end of the curve closing unchanged at 8.475% while the shorter-dated 2015 bond shed 3.5 basis points to 6.795%.

South African financial markets will be closed on Friday and Monday for the Easter holidays, and market watchers expect thin trading in the next few days.

"There is very little on the domestic agenda that could kick dollar/rand from ranges of 10.49-10.62 unless (the mining labour union) Amcu and platinum companies finally come to an agreement, though a very unlikely scenario," said Anisha Arora, an emerging market analyst at 4Cast.

Members of the Association of Mineworkers Construction Union (Amcu) went on a strike 11 weeks ago at Anglo American Platinum, Impala Platinum and Lonmin demanding that their wages be more than doubled, hitting output at the world's largest producers of the metal.

Government-brokered talks have failed to produce an agreement between the workers and the platinum firms, who say they cannot afford to meet such wage demands.
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Rand - Dollar
18.96
-0.1%
Rand - Pound
24.12
-0.0%
Rand - Euro
20.62
-0.2%
Rand - Aus dollar
12.40
+0.2%
Rand - Yen
0.13
+0.3%
Platinum
911.84
-1.3%
Palladium
1,018.92
-4.4%
Gold
2,161.91
+0.1%
Silver
25.15
+0.5%
Brent Crude
86.89
+1.8%
Top 40
66,252
0.0%
All Share
72,430
0.0%
Resource 10
53,317
0.0%
Industrial 25
100,473
0.0%
Financial 15
16,622
0.0%
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