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Free AccessRand Comes Under Pressure After Release Of Soft Chinese PMIs
Spot USD/ZAR has advanced this morning as the risk switch flicked to off, with record highs clearly in sight. The rate last changes hands at ZAR19.8309, up ~1,330 pips on the session. A clearance of the ZAR19.8672 all-time high would bring the psychological ZAR20.00 figure into view. Conversely, bears look for losses past May 16 low of ZAR18.9945 and towards May 2 high of ZAR18.5075.
- China's official PMIs released overnight came in worse than expected, showing that contraction in the manufacturing sector deepened in May. This adds to negative signals on the economic recovery of South Africa's top trading partner and key buyer of its commodities. China's Caixin PMIs will cross the wires later this week.
- The wider commodity space is struggling, with the aggregate BBG Commodity Index down 0.7%. However, the precious metals subindex remains afloat, just.
- Local-currency bond yields have edged higher across the curve, with 10-year breakeven inflation rate last seen at 7.32%.
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