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Rand Continues To Retrace Yesterday's Dip, Outperforms EMEA Peers

ZAR

Spot USD/ZAR continues to unwind post-SARB gains, with losses in wider greenback strength facilitating the move, even as the BBDXY index bounced off lows after the release of U.S. PCE data. The rate deals at ZAR19.6015, down 2,010 pips on the day.

  • On the headline front, President Ramaphosa outlined the formal powers of Electricity Minister Kgosientsho Ramokgopa. Control over the procurement of electricity generation capacity will be reallocated from the Energy Ministry to the Electricity Ministry.
  • A stronger commodity complex might be providing some support to the rand today. The BCOM Index sits ~0.7% above neutral levels, with the precious metals subindex last seen ~0.4% higher.
  • Local-currency bond yield curve has bull flattened in a partial correction of yesterday's move, with 10-year breakeven inflation rate easing to 7.14%.
  • USD/ZAR risk reversals have fully retraced today's gains but remain near yesterday's highs printed after the SARB decision.
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