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Dollar Headwinds Reverse Recent Rand Gains

ZAR
The rand is among the poorest performers in the EMEA space today, with USDZAR up 1.20% at typing and close to completely erasing its losses from the prior two sessions. As well as the sustained uptick in the greenback today, the Bloomberg precious metals sub-index is down 1.91%, providing an additional headwind to the local currency. Bulls will eye additional gains past 19.3301, the 76.4% retracement of the Jun 1 - Jul 27 sell-off.
  • South Africa’s Absa Manufacturing PMI was 45.4 in September (Est: 49.5), down from 49.7 in August, marking the eight consecutive month of contraction and the lowest reading since the onset of the pandemic in 2021.
  • Yields on SAGBs are up 5-8bps across the curve, following the trend seen across global core yields, while the nation’s benchmark equity index has shed 1.36% on the day – putting the index at its lowest level since November 2022.
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