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Eskom Headlines Add Pressure To Rand, Despite Continued Equity Strength

ZAR

Spot USD/ZAR has edged higher in reaction to headlines noting that Eskom will alternate between Stage 3/4 power outages. The pair last deals at ZAR17.1989, up ~685 pips on the session, with familiar technical contours unchanged from our previous update.

  • Local-currency bonds have lost shine, with 10-year breakeven inflation rate last seen at 5.96%. On the equity front, benchmark FTSE/JSE Africa All Share Index remains on a tear, refreshing record highs today.
  • The focus turns to the SARB's monetary policy decision this week. South Africa's central bank is expected downshift from 75bp hikes, but it will likely raise interest rates nonetheless, with consensus split between 25bp and 50bp.
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