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Market Snapshot: USD/ZAR Pares Gains, SAGBs Rally

SOUTH AFRICA
  • With the USD fading off yesterday’s session highs, ZAR assets have recovered from yesterday’s broad sell-off as markets brace for tomorrow’s FOMC.
  • USD/ZAR trades -1.72% lower today after looking decidedly stretched around 16.20. However, the cross will need the break 14.70 to unlock more downside and likely be complimented with stronger global risk sentiment.
  • SAGBs has also pared early weakness to trade -4.1-5.8bp lower in 10-30Y yields, which are following UST yields lower ahead of the US session. Key support is defined at 10.30 & 10.20 in the 10Y and 10.873 & 10.80 in the 30Y.
  • The Top40 index remains -1.43% lower, however, despite the bid in commodities (platinum +2.66%) with Gold Fields Ltd, Capitec, Exxaro Resources & Anglo American dragging the index lower.
MNI London Bureau | +44 020-3983-7894 | murray.nichol@marketnews.com
BulletEM BulletEmerging Market NewsHomepage
MNI London Bureau | +44 020-3983-7894 | murray.nichol@marketnews.com
BulletEM BulletEmerging Market NewsHomepage

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