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2013-03-13
Currencies


Yesterday, the South African rand weakened against its major counterparts, after data revealed a larger-than-forecast current account deficit in South Africa for 4Q12 and amid persistent concerns about labour issues in the South African mining sector. Meanwhile, markets are eyeing the US retail sales data slated for release later today that is expected to show a rise for February.

The yield on benchmark government bonds mostly rose yesterday. The yield on the 2015 bond climbed to 5.37%, while that for the longer-dated 2026 issue advanced to 7.38%.

At 06:00 SAST, the US dollar is trading marginally higher against the South African rand at R9.1732, while the euro is trading 0.1% higher at R11.9599. At 06:00 SAST, the British pound is trading 0.3% higher against the South African rand at R13.7029.

Yesterday, the euro weakened against most of the major currencies, after Bundesbank President and European Central Bank (ECB) Governing Council member, Jens Weidmann, warned that the eurozone crisis is not yet over despite easing of financial market turmoil over the past several months.

At 06:00 SAST, the euro is trading flat against the US dollar at $1.3037, while it has weakened 0.2% against the British pound to trade at GBP0.872.

Thank you Anchor Capital


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