Foreign investors offloaded more rand-denominated debt than what they bought last year, as demand for emerging market bonds declined.
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Experts say falling liquidity raises the risk that it will be more difficult to sell the bonds in the event of any deterioration in sentiment.
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Bonds are rallying after the Reserve Bank’s hiked rates in an effort to assure South Africans and investors that inflation will not run away.
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Ratings agency Fitch has downgraded its South African outlook to negative, and analysts expect Standard & Poor’s to downgrade too.
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The rand has bounced back from a five-year low on expectations that the Reserve Bank will raise the repo rate as inflation grows.
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US unemployment data may show enough recovery for the Federal Reserve to begin reducing monetary stimulus.
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The rand has gained following a drop which appeared to have been overdone.
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The rand has moved up and down by news of both Fed tapering and Fitch’s affirmation of the country’s credit rating.
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Speculation over whether the US Fed will begin tapering sees the rand drop ahead of a decision.
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The rand has slumped to the weakest level in two and a half months against the dollar as a bond sell off reached the longest streak since May.
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As the rand weakened for the first time in three days against the dollar, economists expect a report will show manufacturing growth slowed in August.
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There is concern that poor results like that of manufacturing will limit the Reserve Bank’s ability to reduce inflation eroding value bonds.
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The rand has depreciated as investors gauged that a surge against the dollar, after the US Fed suddenly maintained monetary stimulus, was overdone.
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The rally of the rand in recent days will likely continue to lose steam as the market looks out for a decision to cut monthly bond purchases.
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Yields on South African bonds jumped to the highest level in 19 months as inflation accelerated and the rand slipped to a six-week low.
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The rand has slumped to a six-week low and bond yields soared to the highest in 16 months.
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The rand declined as South Africa’s largest trading partner China, shows signs of a sustained economic slowdown.
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