The South African bond market opened firmer on Monday as the rand broke through R13/$ on a weaker dollar. The dollar came back against the euro on Monday morning after hitting a five-month low of $1.0935 to the euro following the slender victory of pro-EU candidate Emmanuel Macron over right-wing candidate Marie le Pen. Macron won with 23.9% and Le Pen came second with 21.4%. "Amid the French elections, a relief rally has surfaced as markets begin to speculate on the chances of the pro-growth Macron becoming the next president," said TreasuryOne currency dealer Phillip Pearce. This benefited local bonds, with the yield on the R186 falling to 8.55% from 8.64%. The yield on the R207 was at 7.44% from 7.52%. At 8.54am the rand was at R12.9951 after firming to R12.9628 earlier. Further gains, however, may be tempered by the fact that the last round of the French presidential election is due on May 7. Votes for the two candidates who fell out will now go to either Le Pen or Macron. Centr...
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