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Rand Dips Following US Data and USD Bid

ZAR

USDZAR spiked on the US inflation data and subsequent bid in the dollar, with the pair last dealing around 18.85. The pair is up 0.25% at typing, though is well off yesterday’s highs and still ~2.2% lower on the week overall. Today’s ranges have been narrow compared to previous sessions where the rand was among the strongest currencies in the EMEA region, potentially being buoyed by hopes for fresh stimulus out of China and the associated recovery in equities.

  • Bloomberg’s precious metals commodity index dipped on the data (though remains 0.30% in the green), exacerbating losses in commodity-tied currencies. Meanwhile the spike in UST yields provided a headwind across EM FX.
  • USDZAR remains above the 50-day EMA, which intersects today at 18.9296. Bulls will eye the Oct 6 high of 19.6399 further out.
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