• Inside Labour

    Terry Bell explores the connection between poultry, poverty and desperation.

  • A new ANC sweeper?

    Have the Guptas' new auditors mastered how to look the other way on cue, asks Solly Moeng.

  • Strategy for the big boys

    Formulating strategy across the span of huge companies is a marathon, says Ian Mann.

All data is delayed
Loading...
See More

Rand slips in tandem with euro decline

Jan 04 2013 09:24
Reuters
Johannesburg - The rand slipped on Friday after hitting a three-month high earlier in the week, as the euro came under pressure following the release of US Federal Reserve minutes that revealed increasing wariness about buying bonds.

The rand was at R8.5968 to the dollar at 06:32 GMT, slightly weaker than its close in New York on Thursday.

The euro fell to a three-week low against the dollar on Thursday after minutes from the Federal Reserve's meeting in December indicated some policymakers were concerned about the potential risks of the central bank's asset purchases.

The rand often tracks the euro, the currency of South Africa's biggest trading block partner.

"The Fed minutes came out and... the euro had a bad night. We therefore are under a bit of pressure," said Jim Bryson, a currency trader at Rand Merchant Bank.

"The rand can weaken a bit further, maybe towards R8.64," he said.

Government bonds were also weaker, with yields on the 2026 and 2015 instruments edging up 3 basis points each to 7.33% and 5.39% respectively.
 
rand  |  markets

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
Comments have been closed for this article.
 

Company Snapshot

We're talking about:

SMALL BUSINESS

Marketing is a big concern in SA's small business community, followed by a lack of confidence and partnering with the wrong people, according to a survey.
 

Money Clinic

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

Voting Booth

The drop in inflation:

Previous results · Suggest a vote

Loading...