The rand steadied near four-month highs against the dollar and looked set to holding its gains with the dollar on the back foot and gold prices near record highs.
|||Johannesburg - South Africa's rand steadied near four-month highs against the dollar on Friday and looked set to holding its gains with the dollar on the back foot and gold prices near record highs.
Domestic stocks looked set to open flat, with the June futures contract of blue chips down 0.06 percent, before the 0700 GMT start of trade.
The rand advanced to 6.5820 in the previous session its strongest since January 3, before running out of steam.
It is unlikely to gain further on Friday, with light trading conditions domestically and in Britain.
By 0642 GMT, it was trading at 6.6050 against the dollar, not far from Thursday's New York close of 6.5975.
The rand will have to pierce the January 3 high of 6.55 to target a 2007 high of 6.43. Charts suggest it will meet some resistance at 6.58.
“Trading is fairly light. We'll be confined to the ranges of yesterday - 6.58 on the downside and 6.63/64 on the upside,” said a Johannesburg-based dealer.
Market reaction to data showing credit growth slowed in March was muted. The data pointed to sluggish credit growth that supports the case for leaving the repo rate unchanged at 5.5 percent.
On fixed income, bonds firmed slightly. The yield on the 2015 bond fell 0.5 basis points to 7.625 percent and that on the 2026 issue was down one basis point to 8.645 percent. - Reuters
Source: http://www.iol.co.za/rand-near-4-month-high-stocks-to-open-flat-1.1062679
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