Rand Adds 0.8% Versus Greenback, Tops EMEA Pile

USD/ZAR has gone offered into the European session, outpacing a slight correction in the BBDXY Index, as it corrects yesterday's rally. Local headline flow has offered little to move the needle, with South Africa's economic docket empty today, as the dust settles after the 15th BRICS Summit.

• When this is being typed, USD/ZAR trades at 18.6685, down ~1,480 pips on the day. A dip through yesterday's low of 18.3805 would open up Jul 27 low of 17.4193. On the flip side, bulls eye 19.3301, the 76.4% retracement of the Jun 1 - Jul 27 downleg, for initial resistance.
• The commodity space has shown some strength, with the BBG Commodity Index rising 0.4% to its best levels in more than a week. However, the precious metals subindex has shed ~0.2%.
• SAGB yields are slightly lower, with 10-year breakeven inflation rate last seen at 6.56%. This is despite an uptick in US Tsy yields.
• USD/CNH is higher on the day after the redback got some very brief reprieve from a report that China issued nationwide guidance to ease mortgage rules.