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Strike optimism lifts rand, bonds

Johannesburg - The rand firmed against the dollar on Wednesday buoyed by the possibility that some striking workers could return to work after weeks of labour unrest.

The rand was 0.21% firmer at R8.7226 against the dollar at 06:28 GMT, from the close of R8.7385 in New York on Tuesday.

Some striking truckers have agreed to return to work on Wednesday, after two weeks of strikes in the transport sector have hit supplies of fuel, cash and consumer goods.

"The ZAR did extend its recovery yesterday on the improved prospects for the trucking strike but has since stalled with the outcome as yet unknown," said Tradition Analytics in a note to clients.

Bonds also took reprieve from the news, the yield on the three year bond fell 3.5 basis points to 5.44% and that on the longer-dated bond declined three basis points to 7.75%.

Bond traders will look out for clues on future interest rates from Reserve Bank Governor Gill Marcus, who is due to speak at Rhodes University's Business School early in the trading session.


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Rand - Dollar
19.09
-1.0%
Rand - Pound
24.06
-0.7%
Rand - Euro
20.58
-0.5%
Rand - Aus dollar
12.39
-0.3%
Rand - Yen
0.13
-0.9%
Platinum
894.64
-0.3%
Palladium
992.99
-0.9%
Gold
2,196.85
+0.1%
Silver
24.44
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All Share
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