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Rand Edges Higher, Current Account Deficit Proves Narrower Than Forecast

ZAR

Spot USD/ZAR has inched higher to last trade at 18.9217, almost 400 pips lower on the day. The next technical target on the downside is provided by Nov 15 low of 18.1117, while bulls look for a rebound towards Oct 26 high of 19.2710.

  • The FNB/BER Consumer Confidence Index (CCI) fell to -17 in Q4 from -16 prior, which represented the "lowest festive-season consumer confidence reading in more than two decades", even as the index was higher than in 1H2023.
  • South Africa's current account deficit shrank to -ZAR19bn in Q3 from the revised -ZAR185bn in the previous quarter, with consensus looking for -ZAR111bn. The deficit was equivalent to -0.3% of GDP versus -1.0% expected.
  • The composite BBG Commodity Index has added 0.4% after five consecutive days of losses, with the precious metals subindex up 0.1%. SAGB yields are slightly higher across the curve.
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