Van Rijn News
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Vincent van Gogh once said that he could sit in front of Rembrandt’s “Jewish Bride” in Amsterdam’s Rijksmuseum for a fortnight with just a crust of bread to eat.
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The rand rose to its strongest level in more than a week as investors gauged the currency’s slump this year, the worst amongst emerging-market currencies, is overdone. Bonds gained, driving two-year yields to record lows.
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The rand swung between gains and losses before U.S. Federal Reserve policy makers end a two-day meeting amid speculation Chairman Ben S. Bernanke will continue stimulus that spurred fund flows into emerging economies.
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The rand climbed to a three-week high against the dollar as U.S. reports signaled a weakening economy and German Chancellor Angela Merkel shored up confidence in the euro, the currency of South Africa’s main trading partner. Bonds rallied, sending yields to five-month lows.
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The rand declined to its weakest level in more than two months against the dollar as concern that Europe’s debt crisis is deepening sapped demand for higher- yielding, emerging-market assets.
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The rand advanced for the first time in three days as stocks and commodities rose after two German officials indicated a rolling back of resistance to a full sovereign bailout, raising investor appetite for riskier assets.
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The rand declined for a fourth day, reversing an earlier gain, as importers bought dollars, betting South Africa’s currency will weaken as Europe’s sovereign-debt crisis damps demand for riskier assets.
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The rand rallied to the strongest level in an almost four months, surpassing a key technical point, after European policy makers left interest rates at record lows, spurring demand for higher-yielding assets.
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Investors are getting paid more than ever to hold Asian stocks compared with the rest of the world as shares in the region fall almost as much as those in Germany and France.
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The rand headed for its best month in two years as exporters repatriated foreign currency and stronger-than-forecast data on China’s manufacturing boosted prices of metals.
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