Dollar Outperformance Drives USD/ZAR Higher

Spot USD/ZAR have pushed higher today, supported on the latest upswing by the reaction to U.S. labour cost data, which topped expectations. The pair last operates at ZAR18.2060, up ~830 pips on the day, as Feb 28 high of ZAR18.5147 provides the initial layer of resistance.

• SARB Gov Kganyago wrote an opinion piece for the IMF's website in which he called on central banks to to take cue from the resolve shown their emerging-market peers in fighting inflation. Kganyago reiterated that it is "critical that the central bank mandates remain simple and direct." Some local politicians recently toyed with the idea of broadening the SARB's remit.
• ANC Deputy President Paul Mashatile said that he is unfazed by attempts to block his entry into the Cabinet, TimesLive reports. The Cabinet reshuffle is expected to be announced in the coming days.