Rand has already gained around 0.2% and is at 8.8582 per USD. The yields on South African benchmark 10.5 percent bonds due by December 2026 however has plummeted by 2 basis points and is currently at 7.62%.
Maria Fekter, the Finance Minister of Austria announced that the financial chiefs of different Euro zone countries will sit with the officials of The International Monetary Fund to come up with a financial aid plan for Greece. Incidentally, the earlier two meetings failed to have a proper plan in place. The main aim of this latest meeting is to plug the deficit gap of Greece; however, they don?t intend to write off of the official loans of the country.
According to the statistics released by JSE Ltd., foreign investors have bought more than $645 million worth Rand in the country?s bonds last week. This marks the biggest figures since the last period ended on 5th October, 2012.
As stated by the currency trader of PSG Online, Ockert van Niekerk, the flow of bond buying has not stopped and it always acts as a real driver to a currency?s force, it will help Rand to see further increases in the next few days against most of its major counterparts. However, he added that the inflation data is still to come out later this week and investors should also watch out for the outcome of the Greece debt talk as it may have some impact on the South African economy.
Though the actual data is due to be released on 29th of this month, according to economists, the producer prices of South Africa will rise around 4.7% for month of October, thereby increasing from 4.2% of that of September.
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