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Rand Advances Amid Uptick In Precious Metals

ZAR

Spot USD/ZAR has come under some light pressure, with the rand edging ahead of its EMEA peers. The pair deals at 18.6080, nearly 900 pips below neutral levels, with bears looking for losses past Dec 15 low of 18.1092. Bullish focus falls on Dec 11 high of 19.1386.

  • The BBG Commodity Index has shed 0.1% this morning, while the precious metals subindex sits 0.5% higher on the day.
  • SAGB yields are marginally lower across the curve, with South Africa's 10-year breakeven inflation rate easing to 6.24% and testing multi-month lows.
  • Eskom is alternating between Stage 1 and Stage 2 loadshedding as losses of generation units forced the utility to resume power cuts.
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