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Rand Appreciates Ahead Of SARB Rate Decision

ZAR

USD/ZAR trades with a bearish bias in the lead-up to the SARB's rate announcement. The pair last operates at ZAR18.0224, ~790 pips lower on the session. On the downside, a break below trendline support/50-DMA at ZAR17.9792/17.9715 would open up scope for further losses towards Feb 15 low of ZAR17.8813. Bulls look for recovery towards Mar 8 high of ZAR18.7192.

  • The aggregate BBG Commodity Index has clawed back initial losses and sits ~0.2% above neutral levels. The precious metals subindex is ~0.3% better off.
  • Local-currency bond yields sit lower, with curve flattening this morning. South Africa's 10-year breakeven inflation rate has slipped to a one-week low of 6.23%.
  • The focus is on the SARB's monetary policy decision, which will be announced during Governor Kganyago's press conference which is scheduled to start at 14:00BST/15:00SAST.
  • Elsewhere, South Africa's PPI for February will be published at 10:30BST/11:30SAST.
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