As per Bloomberg
"Jan. 24 (Bloomberg) -- The rand declined against the dollar as European finance ministers balked at putting up more public money for Greece, curbing demand for riskier assets.
South Africa’s currency fell as much as 0.4 percent and traded 0.3 percent weaker at 7.9575 as of 9:23 a.m. in Johannesburg. Against the euro, it declined 0.3 percent to 10.3579.
European finance ministers called on bondholders to provide greater debt relief in order to point the way out of the two-year-old crisis. Euro governments stood by an October offer of 130 billion euros ($170 billion) for a second Greek aid package.
"As we are trading at slightly weaker levels this morning than we were yesterday it is clear that the news may have affected sentiment slightly, but as yet it is too soon to suggest that it has reversed the trend," George Glynos, an economist at Johannesburg-based ETM Analytics, wrote in e-mailed comments. "That being said, the markets look ripe for a breather."
The rand strengthened 2.2 percent last week after the central bank left its benchmark interest rate unchanged at 5.5 percent, maintaining the rand’s yield advantage over the dollar.
South Africa’s 13.5 percent bonds due 2015 gained for a second day, driving the yield down less than one basis point, or 0.007 percentage point, to 6.657 percent. "
===
Steven Morris CA (SA)
Mobie : 083 943 1858
Fax: 086 671 2498
E-Mail: steven@global.co.za
No comments:
Post a Comment