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ZAR: Rand Continues To Creep Lower Ahead Of Wednesday's Budget Speech

ZAR
EM BulletBulletEmerging Market News

Spot USD/ZAR sits a tad higher amid modest gains for the greenback (BBDXY +0.2%), with market participants looking ahead to Finance Minister Enoch Godongwana's Budget Speech tomorrow. The pair last deals at 18.4370, almost 400 pips higher on the day, with bulls looking for a move towards Jan 13 high of 19.2296. Bears look for a clean breach of Jan 24 low of 18.3022.

  • Statistics SA pushed back the release of January CPI data from tomorrow to February 26, citing the need to conduct additional checks on the data and compilation systems, which have taken longer than expected.
  • As a reminder, Finance Minister Enoch Godongwana will deliver the 2025 Budget Speech tomorrow, with coalition partners ramping up pressure on him to refrain from announcing any tax increases.
  • SAGB yields have inched higher across the curve, with 5-year and 10-year breakeven inflation rats last seen at 4.55% and 5.63% respectively.
    • The National Treasury will today sell ZAR1.25bn of 8.25% 2032 bonds, ZAR1.25bn of 8.50% 2037 bonds and ZAR1.25bn of 9.00% 2040 bonds.
  • The composite BBG Commodity Index has unwound its initial losses, while the precious metals subindex has added 0.8%, with gold up by ~$15.5/oz.
  • South Africa's unemployment data for 4Q24 will cross the wires at 09:30GMT/11:30SAST.
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Spot USD/ZAR sits a tad higher amid modest gains for the greenback (BBDXY +0.2%), with market participants looking ahead to Finance Minister Enoch Godongwana's Budget Speech tomorrow. The pair last deals at 18.4370, almost 400 pips higher on the day, with bulls looking for a move towards Jan 13 high of 19.2296. Bears look for a clean breach of Jan 24 low of 18.3022.

  • Statistics SA pushed back the release of January CPI data from tomorrow to February 26, citing the need to conduct additional checks on the data and compilation systems, which have taken longer than expected.
  • As a reminder, Finance Minister Enoch Godongwana will deliver the 2025 Budget Speech tomorrow, with coalition partners ramping up pressure on him to refrain from announcing any tax increases.
  • SAGB yields have inched higher across the curve, with 5-year and 10-year breakeven inflation rats last seen at 4.55% and 5.63% respectively.
    • The National Treasury will today sell ZAR1.25bn of 8.25% 2032 bonds, ZAR1.25bn of 8.50% 2037 bonds and ZAR1.25bn of 9.00% 2040 bonds.
  • The composite BBG Commodity Index has unwound its initial losses, while the precious metals subindex has added 0.8%, with gold up by ~$15.5/oz.
  • South Africa's unemployment data for 4Q24 will cross the wires at 09:30GMT/11:30SAST.