Futures Market News
South African rand benefits from stimulus conjecture
Apr 12, 2012 08:45 AM
Thursday saw the South African rand advance in value against the U.S. dollar, reversing three consecutive trading sessions of losses as propelled by commentary suggesting central bank intervention is likely in the U.S. and the euro zone, Bloomberg reports.
The currency of the largest economic system on the African continent capitalized on indications noting economy-spurring techniques are a possibility in the U.S., where Fed vice chair Janet Yellen said in New York on Wednesday that preserving low interest rates is perfectly fine while the world's largest economy recovers.
"We must bear in mind that the interest rates scenarios globally are still pretty much in play, low interest rates probably still will remain in places like U.S and Europe," trader Ion de Vleeschauwer with Bidvest Bank told Reuters.
Executive board member Benoit Coeure with the European Central Bank said on Wednesday that purchasing debt is likely to resume at the institution he serves.
Italy, one of the euro zone nations working to control bond yields as the sovereign debt scourge tightens around its banks and public finances, is preparing for a debt auction, according to Reuters.
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