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2013-03-26
Currencies


Yesterday, the South African rand strengthened against the US dollar, amid improved risk appetite after Cyprus secured its EUR10.00bn bail-out deal with international lenders. Market sentiment was further buoyed on easing labour concerns in South Africa’s mining sector after Exxaro Resources indicated that striking employees had returned to work.

The yield on benchmark government bonds fell yesterday. The yield on the 2015 bond fell to 5.52%, while that for the longer-dated 2026 issue declined to 7.47%.

At 06:00 SAST, the US dollar is trading 0.2% lower against the South African rand at R9.2801, while the euro is trading unchanged at R11.9442.

Yesterday, the euro weakened against the major currencies, as the last minute bailout deal secured by Cyprus gave way to broader concerns about Europe's banking sector. The Dutch Finance Minister, Jeroen Dijsselbloem, stated that Cyprus represented a new template for the region and other countries who might have to restructure their banking sectors. Yesterday, the British pound climbed against most of its major peers, after data revealed that house prices in the UK advanced at the fastest pace in three years in March.

At 06:00 SAST, the euro advanced 0.1% against the US dollar to trade at $1.2870, while it has gained 0.1% against the British pound to trade at GBP0.8478.

Thank you Anchor Capital


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