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Rand Advances Ahead Of Eskom Update, Familiar Risks Ahead

ZAR

Spot USD/ZAR trades on the back foot with the market awaiting the next update on Eskom's loadshedding schedule, expected to cross the wires this afternoon. The utility is currently implementing Stage 3 power cuts until 05:00 tomorrow. Other than that, participants are preparing for tomorrow's South African CPI and FOMC rate decision, which will be followed by the SARB's monetary policy meeting on Thursday.

  • The pair last deals at 18.9236, down 880 pips on the session, with bears keeping an eye on 18.3805, the low print of Aug 24. The South African rand outperforms all its EMEA peers as we type.

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