Bonds steady on weaker rand as dollar makes marginal comeback
The near-term tone on the market will remain tied to developments from the Jackson Hole conference in the next session or two, Momentum SP Reid analysts say
South African bonds were steady at weaker levels at midday on Thursday, as the rand lost ground on a marginal comeback in the dollar ahead of the Jackson Hole conference in the US. "The rand should still remain in the range of R13.14/$ to 13.27/$ for the remainder of the week as people start to turn their heads towards the Jackson Hole conference," said TreasuryOne currency dealer Gerard van der Westhuizen. At 11.30am the R186 was bid at 8.59% from 8.57% and the R207 was at 7.35% from 7.315%. The rand was at R13.2156 to the dollar from R13.1602. The euro was at $1.1794 from $1.1806. While meaningful policy adjustments or comments were unlikely to materialise on Thursday, the near-term tone on the market would remain tied to developments from the Jackson Hole conference in the next session or two, Momentum SP Reid analysts said. They said the conference would be closely watched, but markets may not receive clear signals on whether monetary tightening in the US and eurozone would begi...
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