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Rand Claws Back Some Losses, Eyes On Thursday's SARB Rate Decision

ZAR

Spot USD/ZAR has given away the bulk of earlier gains as the BBDXY index has pulled back towards neutral levels. The pair last operates at ZAR17.2088, up ~210 pips on the session, with familiar technical levels in play.

  • The FTSE/JSE Africa All Share Index printed new all-time highs before erasing gains and now sits just shy of the previous close.
  • Local-currency bond yields have stabilised at depressed levels, with 10-year breakeven inflation rate last seen at 5.95%, near multi-month lows.
  • The aggregate BBG Commodity Index has reversed earlier gains and sits ~0.2% lower on the day, with the precious metals index still up ~0.5% at typing.
  • South African PPI outturns for December will cross the wires Thursday morning, with the announcement of the SARB's rate review expected later in the day.
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