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Rand Craters To Three-Year Lows, Manufacturing Production Data On Tap

SOUTH AFRICA
  • The South African rand shed almost 3% versus the greenback over the past two days, with spot USD/ZAR hitting new three-year highs as a result. Renewed currency depreciation is seen raising the odds of another rate hike from the SARB. The local FRA curve shifted higher on Wednesday as participants added hawkish bets.
  • Electricity Minister Kgosientsho Ramokgopa will testify to lawmakers on his Energy Action Plan later today. Separately, President Cyril Ramaphosa will discuss the Just Energy Transition Plan and answer questions in the National Assembly. The President has not yet defined Ramokgopa's formal powers.
  • Bloomberg reports that SARB Deputy Governor Kuben Naidoo will speak at a PSG Konsult forum in Johannesburg. This comes after Governor Lesetja Kganyago and Deputy Governor Rashad Cassim spoke yesterday, with Kganyago noting that domestic supply bottlenecks will keep applying upside pressure to the price outlook.
  • South Africa's March mining production data will be published at 10:30BST/11:30SAST, with economists in a Bloomberg poll expecting a 7.3% Y/Y contraction. Manufacturing production will hit the wires at 12:00BST/13:00SAST and is expected to have shrunk 5.8% Y/Y.
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