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Yesterday, the South African rand strengthened against the US dollar, on increased risk appetite, as the Chinese government’s pledge to support economic expansion and to maintain its 2013 growth target at 7.5% offset renewed labour concerns in South Africa’s mining sector. Data indicated that the US non-manufacturing sector expanded at a slightly faster pace in February.
The yield on benchmark government bonds fell yesterday. The yield on the 2015 bond fell to 5.31%, while that for the longer-dated 2026 issue declined to 7.31%. Data indicated that producer price inflation in South Africa rose more-than-expected in January.
At 06:00 SAST, the US dollar is trading 0.1% higher against the South African rand at R9.0414, while the euro is trading 0.2% higher at R11.8128. At 06:00 SAST, the British pound is trading 0.2% higher against the South African rand at R13.6927.
The Australian dollar has strengthened against its major peers this morning, after data indicated that the Australian 4Q12 GDP rose above market expectation and on signs of steady growth in China. Yesterday, the euro has advanced against most of the major currencies, on better-than-expected German and eurozone services PMI data for February.
At 06:00 SAST, the euro advanced 0.1% against the US dollar to trade at $1.3066, while it is trading flat against the British pound at GBP0.8627.
Thank you Anchor Capital
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