The rand headed for its best month
in two years as exporters repatriated foreign currency and
stronger-than-forecast data on China’s manufacturing boosted
prices of metals.
South Africa’s currency gained as much as 0.2 percent and
traded less than 0.1 percent stronger at 8.4747 per dollar by
9:07 a.m. in Johannesburg. Yields on government 10.5 percent
bonds due in December 2026 were untraded at 7.28 percent after
rising five basis points last week.
The nation’s markets will be closed tomorrow for the New
Year’s holiday. Equities trading will end at 12 noon local time
today. China’s manufacturing expanded at the fastest pace since
May 2011 in December, beating a preliminary estimate, according
to a survey released today by HSBC Holdings Plc and Markit
Economics.
“There is very little activity across the board today,
although we are seeing a few exporters in the market as we go
into the close of the year,” William van Rijn, a currency
trader at Nedbank Group Ltd. (NED) in Johannesburg, said by phone.
Gold, platinum and copper advanced after the Chinese data.
Commodities, including metals, account for about 45 percent of
South Africa’s exports, according to government data.
The rand has strengthened 5.1 percent since Dec. 1, its
best month since December 2010, paring its loss this year to 4.6
percent.
To contact the reporter on this story:
Stephen Gunnion in Johannesburg at
sgunnion@bloomberg.net
To contact the editor responsible for this story:
Vernon Wessels at
vwessels@bloomberg.net
Source Article from http://www.bloomberg.com/news/2012-12-31/rand-heads-for-best-month-in-two-years-as-exporter-demand-climbs.html
