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Rand Cements Losses, Local Equity Benchmark Declines Past 50-DMA

ZAR

Spot USD/ZAR consolidates earlier gains, last trades at ZAR18.4042 amid firm greenback outperformance. The rate topped out at ZAR18.4902, which was its highest point in almost four months, as the Rand remains exposed to the fallout from FATF graylisting. The ZAR is the worst EMEA performer save for the Israeli shekel.

  • South Africa's benchmark FTSE/JSE Africa All Share Index has come under pressure alongside global equity markets after U.S. PCE data topped expectations. The index has now shed almost 2.7%, sliding through its ascending 50-DMA which remained intact since early November. The index is testing support from the 23.6% retracement of the Sep - Jan rally at 76,820.

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