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Rand Edges Higher After Three Days Of Losses, M'fing Output Data On Tap

ZAR

Spot USD/ZAR snaps its three-day winning streak despite modest gains for the greenback. The rate last deals at 18.5327, down 382 pips on the session, with bears looking for a dip through 18.3763, a multi-month low printed on May 6. Their case is supported by the fact that the 50-DMA has just crossed below the 200-DMA. Bulls look for a recovery towards Apr 19/Feb 23 highs of 19.3862/99.

  • There was admittedly no immediate ZAR reaction to the Chinese data overnight, but it is worth mentioning that imports at +8.4% Y/Y beat the consensus forecast of +4.7%. The increase in inbound shipments was broad-based, with imports from South Africa rising 27.5% Y/Y in April. China is South Africa's largest trading partner and the top buyer of its commodities.
  • The aggregate gauge of commodity strength has added 0.2% this morning, with the precious metals subindex only slightly firmer. Gold trades ~$3.9/oz. higher on the day.
  • SAGB yields have inched higher across the curve, with 10-year breakeven inflation rate last seen at 6.86%.
  • South Africa's manufacturing production data for March will be released at 12:00BST/13:00SAST.
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