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Rally Fades, But Strong Weekly Gains


Bears Threat Remains Present


Late SOFR/Treasury Option Roundup


St Louis Fed Director On Inflation, Growth


Needle Points North, Despite Friday Pullback

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Firmer Gold Prices Offer Some Support To Rand Amid Risk-Off Conditions


Spot USD/ZAR has backed off after a failed attempt at a sustained breach of the previous intraday high (ZAR17.1854). The pullback coincided with a fresh leg lower in the BBDXY index. Still, the pair last operates at ZAR17.1040, up ~220 pips on the day.

  • Technically, a break above trendline support-turned-resistance at ZAR17.3172 would give bulls a green light for targeting Nov 17 high of ZAR17.5553. Conversely, bears look for losses past Nov 24 low of ZAR16.9073.
  • Overnight risk aversion has created unfavourable backdrop for commodity-tied currencies, with the aggregate BBG Commodity Index down 1.17% on the session. Shielding the rand might be positive performance from the precious metals subindex, which has added 0.52% as gold trades 0.42% better off.
  • FTSE/JSE Africa Top40 Index is marginally softer on the day, struggling to pierce resistance area formed by recent intraday highs around the 67,077 level.
  • South Africa's 10-year breakeven inflation rate is unchanged at 6.21% this morning.

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