Rand Pulls Back from 10.50 level as the Dollar gains!!!! Rand - TopicsExpress



          

Rand Pulls Back from 10.50 level as the Dollar gains!!!! Rand Bears are Likely to Take Charge this Week..... South Africas rand weakened against the dollar on Monday, pulling further away from its 10.50 resistance level as the dollar received support from upbeat U.S. data. The Rand was down 0.2% @ 10.6120 to the dollar at 15:48. It earlier hit a session low of 10.6380 and looked set for a second day of daily losses after nearing the psychologically important 10.50 level last week. Data out of the United States showed home builder sentiment at a seven-month high, which cheered the dollar. Yields on government bonds were hardly moved, with the 2015 note edging 1.5 basis points higher to 6.63%, while the 2026 issue nudged down a basis point to 8.30%. Emerging markets are highly sensitive to events that might give clues on the Federal Reserves policy moves, and investors are keenly awaiting Fed Chair Janet Yellens Jackson Hole speech on Friday. Before that the Unites States will release inflation data and the FOMC minutes, while domestically investors focus will be on July inflation data on Wednesday, with the central bank due to decide on interest rates next month. Compiled by : Kgomotso Mohajane
Posted on: Tue, 19 Aug 2014 07:01:02 +0000

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