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Johannesburg - The rand weakened against the dollar early on Friday, pressured by mining strike concerns, which pushed the currency to its lowest so far in the trading session.
The Association of Mineworkers and Construction Union (Amcu) could go on strike over wage negotiations, saying it would canvass its members on Monday at Impala Platinum on whether to strike after wage talks failed.
The rand weakened to R9.8115/$, down more than 0.5%. The unit had closed at R9.7575 in New York on Thursday.
Yields on local long-dated debt rose for the second straight session, as dealers saw risk of increased borrowing next year, based on a budget statement released this week.
Finance Minster Pravin Gordhan presented a smaller-than-expected budget deficit forecast for 2013, but dealers worry about the outlook in the medium term, where Gordhan has forecast wider deficits into 2015, which would require increased borrowing on the long end of the curve.
The yield on the 2026 bond, a benchmark for the longer end of the curve, rose 3 basis points to 7.795% at 08:50, while the short-dated 2015 note gave up only 1 basis point to 5.73%.
The R186/R157 yield spread differential widened to mid-September levels of 206 basis points on Friday.
The Treasury will sell inflation-linked bonds in the session, with results due after auction closes at 11:00.
The Association of Mineworkers and Construction Union (Amcu) could go on strike over wage negotiations, saying it would canvass its members on Monday at Impala Platinum on whether to strike after wage talks failed.
The rand weakened to R9.8115/$, down more than 0.5%. The unit had closed at R9.7575 in New York on Thursday.
Yields on local long-dated debt rose for the second straight session, as dealers saw risk of increased borrowing next year, based on a budget statement released this week.
Finance Minster Pravin Gordhan presented a smaller-than-expected budget deficit forecast for 2013, but dealers worry about the outlook in the medium term, where Gordhan has forecast wider deficits into 2015, which would require increased borrowing on the long end of the curve.
The yield on the 2026 bond, a benchmark for the longer end of the curve, rose 3 basis points to 7.795% at 08:50, while the short-dated 2015 note gave up only 1 basis point to 5.73%.
The R186/R157 yield spread differential widened to mid-September levels of 206 basis points on Friday.
The Treasury will sell inflation-linked bonds in the session, with results due after auction closes at 11:00.
