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Rand Aided By Boost To Commodity FX From Strong Chinese Data

ZAR

Spot USD/ZAR has faltered today as expectation-busting PMI data released out of China have bolstered commodity-tied FX. The rate last deals at ZAR18.1794, down 1,780 pips on the session, with the 20-EMA providing the initial layer of support at ZAR17.9946. Conversely, bulls look for a rebound above Feb 28 high of ZAR18.5147, followed by Oct 13 high of ZAR18.5815.

  • The composite BBG Commodity Index has added ~0.8% so far, aided by the Chinese data. The precious metals index has edged higher and is 0.2% better off.
  • Local-currency bonds have strengthened across the curve and last trade 1.2-1.9bp richer. South Africa 10-year breakeven inflation rate is little changed at 6.25%.
  • The FTSE/JSE Africa All Share Index has added ~1.3% today, returning above its 50-DMA, as the bounce of the 23.6% retracement of the Sep 28 - Jan 27 rally continues.
  • South Africa's Absa Manufacturing PMI will cross the wires later today.
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