• IS provokes sea-change

    It has been a grave mistake to defy both Russia and France, says Leopold Scholtz.

  • Nene's SAA nemesis

    No political figure seems to have the guts to speak out against Dudu Myeni, says Solly Moeng.

  • The mp3 revolution

    Ian Mann takes a look at the war between digital music and the compact disc.

All data is delayed
See More

Risks seen for rand in data heavy week

Dec 10 2012 09:02

Johannesburg - The rand is expected to hold steady this week, holding on to recent gains, although any surprises from a slew of year-end data could weigh on the unit. 

The rand was at R8.6590 to the dollar at 06:48 GMT on Monday, similar to its close in New York on Friday. 

It rallied on Friday after an unexpected fall in the US jobless rate boosted emerging market currencies and is expected to settle into a range this week.

"It looks like it's going to trade quite well, maybe towards the low 60s in a continuation of last week," said Jim Bryson, a trader at Rand Merchant Bank. "It's really a search for yield now with the projections in Europe.

Local data to be released this week include retail sales, employment and manufacturing production figures on Tuesday and inflation on Wednesday. Softer-than-expected numbers could put the rand under renewed selling pressure, analysts at Absa Capital said. 

"Such an outcome would serve as a reminder of South Africa's fragile macroeconomic backdrop and may even re-ignite expectations of more monetary accommodation," the analysts wrote in a research note. 

The yields on the 2026 and 2015 bonds inched up one basis point each to 7.38% and 5.48% respectively.


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

bonds  |  rand  |  markets



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
Comments have been closed for this article.

Company Snapshot

We're talking about:


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 25 basis points interest rate increase is:

Previous results · Suggest a vote