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Greenback Weakness Aids Partial Recovery in Rand

ZAR
Greenback weakness following the release of the latest set of FOMC minutes yesterday evening continues to support the rand. USDZAR is 0.5% lower on the day, and ~1.1% off yesterday’s high of 18.8387, returning back below the 100- and 200-DMAs in the process - but still some way off Wednesday’s lows. A recovery in gold from yesterday’s low is likely providing an additional tailwind to the local currency, which sits at the top of the EMEA FX pile. The yellow metal is 0.31% in the green at typing, and back above the 20-day EMA.
  • Local press continue to cite growing concern over loadshedding. Daily Maverick wrote this morning that the resumption of loadshedding in the new year spells for a dark year ahead. The piece cites energy analysts as saying that the resumption of powercuts came as a surprise to many, with unplanned outages of 24,000MW out of service being a record for South Africa.
  • There are no further data releases due Thursday following the December whole economy PMI print (49.0 vs. 50.0 prior), with the next notable release coming with Monday’s ABSA Manufacturing PMI.
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