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2013-03-01
Currencies


Yesterday, the South African rand weakened against the majors, after data showed that the trade deficit in South Africa widened more-than-expected in January. Moreover, the US growth data for 4Q12 missed market expectations, despite being revised higher. The South African rand has continued its downtrend against most of its major peers this morning, after data indicated that the Chinese manufacturing activity expanded at a slower pace in February. Meanwhile, markets await the US ISM manufacturing data slated for release later in the day that is likely to show deterioration in February.

The yield on benchmark government bonds rose yesterday. The yield on the 2015 bond rose to 5.29%, while that for the longer-dated 2026 issue advanced to 7.29%.

At 06:00 SAST, the US dollar is trading flat against the South African rand at R9.0235, while the euro is trading 0.1% higher at R11.7996.

Yesterday, the euro weakened against the major currencies, amid persistent concerns that a political deadlock in Italy could further deteriorate the sovereign debt crisis in the eurozone. Meanwhile, markets keenly await a raft of economic data from Europe later today for further direction. 

At 06:00 SAST, the euro advanced 0.1% against the US dollar to trade at $1.3076, while it has gained 0.1% against the British pound to trade at GBP0.8615.

Thank you Anchor Capital


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