New Session Highs For USD/ZAR After Empire M'fing Beat Supports Greenback

USD/ZAR has now punched through its previous session highs, which has been facilitated by a move higher in the BBDXY index, as NY Fed Empire State beat expectations by a wide margin around an hour ago. The pair last changes hands at ZAR18.2000, some 1,140 pips higher on the session.

• Local-currency bond yields have eased off highs but remain elevated, with South Africa's 10-year breakeven inflation rate has moved away from the three-and-a-half month high of 6.46%. The FTSE/JSE Africa All Share Index sits ~0.2% lower at typing, holding yesterday's range.
• Eskom said in a statement that it will alternate between Stages 5 & 6 load-shedding until further notice, which represents a slight de-escalation in power outages. The utility was previously continuously running Stage 6 load-shedding.
• On the radar in South Africa this week are March CPI and February retail sales, both coming up Wednesday. The data will be closely watched given the latest escalation in the SARB's hawkish communications and the central bank's explicitly stated focus on bringing inflation under control.