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Yesterday, the South African rand strengthened against the US dollar, after data indicated that South Africa’s economy expanded at a faster-than-expected pace in 4Q12. Additionally, the US Federal Reserve Chairman, Ben Bernanke, in his testimony before the Senate Banking Committee, reassured markets of the central bank’s commitment to strong monetary stimulus. Moreover, data indicated that consumer confidence in the US rose more-than-forecast in February, while purchases of new homes in the US jumped in January.
The yield on most benchmark government bonds rose yesterday. The yield on the 2015 bond fell to 5.23%, while that for the longer-dated 2026 issue advanced to 7.23%.
At 06:00 SAST, the US dollar is trading 0.1% higher against the South African rand at R8.8241, while the euro is trading 0.1% higher at R11.5405. At 06:00 SAST, the British pound is trading 0.1% lower against the South African rand at R13.3362.
Today, the euro has advanced against the major currencies, ahead of the German Gfk consumer confidence data for March slated for release later today that is expected to show a slight improvement.
At 06:00 SAST, the euro advanced 0.1% against the US dollar to trade at $1.3069, while it has gained 0.1% against the British pound to trade at GBP0.8648.
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