• Voter paralysis

    With so much tilting voters against change, democratic reason is the loser, says Solly Moeng.

  • The power of perseverance

    True grit is a reliable predictor of who will achieve success in life, says Ian Mann.

  • It's the system

    The system sucks and it’s being used far too often as an excuse, says Mandi Smallhorne.

All data is delayed
Loading...
See More

Rand softer in line with EM currencies

Mar 24 2016 10:11

Johannesburg - The rand retreated against the dollar in early Thursday trade, mainly reflecting the greenback's gains spurred by expectations of higher US interest rates this year.

Stocks opened softer at 09:00, with the JSE securities exchange's Top-40 index easing 0.4% from the previous day's levels.

The rand was at R15.4240/$, down 0.4% from its New York close on Wednesday.

Government bonds were similarly weak, with the yield for debt maturing in 2026 adding 4 basis points to 9.365%.

The rand took its cue from emerging Asian currencies, which slid as Federal Reserve officials fanned expectations of more US interest rate hikes later this year and China weakened the yuan.

Johannesburg traders and analysts expected the currency to remain on the back foot in thin trading ahead of the Easter holiday, which would see financial markets closed on Friday and Monday.

"With the long weekend approaching for many major markets around the world, risk appetite is slightly reduced," Standard Bank said in a note.

"Naturally the rand, and other EM currencies, are on the back foot into the long weekend," it added, predicting support for dollar/rand at $15.2000/R15.0600 and resistance around R15.4500/$5000.

Follow Fin24 on Twitter, Facebook, Google+ and Pinterest. 24.com encourages commentary submitted via MyNews24. Contributions of 200 words or more will be considered for publication.

rand  |  markets  |  currencies

 
 
 
 

Company Snapshot

We're talking about:

THE DEBT ISSUE

Debt is one of the biggest financial issues facing South Africans today. Find out how you can avoid and manage your debt with Fin24 and Debt Rescue.
 

Money Clinic

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

Voting Booth

Would you take out a payday loan?

Previous results · Suggest a vote

Loading...