RTRS:S.Africa's rand hits near 2-week high vs dollar
* Stong resistance seen at 7.06/dlr
* Bonds firm, eyes on Tuesday's GDP numbers
* Stocks up more than two percent (Adds details)
By Phumza Macanda
JOHANNESBURG, Aug 29 (Reuters) - South Africa's rand extended its gains against a wobbly dollar on Monday, climbing to a near two-week high and topping the log of emerging market currencies tracked by Reuters.
It has broken through key technical levels and will probably find its next resistance level around 7.06. Although uncertainty remains in global markets, overall risk sentiment is in its favour for now.
The dollar has lost ground against a basket of currencies on expectations after Friday's speech by U.S. Federal Reserve chairman Ben Bernanke that there could be more monetary stimulus in the world's largest economy.
The rand was trading at 7.0660 against the dollar at 1355 GMT, 1.17 percent stronger than Friday's New York close of 7.15. It hit 7.06 earlier, its strongest since Aug. 17.
"We've seen exporter selling of dollars today and offshore buying of the rand. The JSE has also rallied hard and bonds are firmer, risk is back on," said Brigid Taylor, head of institutional sales at Nedbank. Continued...
