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ZAR: Rand Edges Higher, Market Participants Await Budget Speech

ZAR
EM BulletBulletEmerging Market News

USD/ZAR operates near the 18.3 area, which has provided a layer of support over the few weeks. The pair last deals at 18.3506, over 500 pips lower on the session, and a clean breach of Jan 24/Feb 14 lows of 18.3022/18.2995 would open up 18.2343, the 61.8% retracement of the upleg between Dec 12 - Jan 13. Meanwhile, bulls look for a recovery towards 19.2296, the Jan 13 high.

  • SAGB yields have pulled back from early highs but remain marginally above neutral levels. South Africa's 5-year and 10-year breakeven inflation rates sit at 4.64% and 5.63% respectively, hitting one-month highs.
  • The composite BBG Commodity Index has added 0.3%, with the precious metals subindex last seen 0.2% better off. Gold deals ~$2.0/oz. higher on the day.
  • Statistics SA will release December retail sales data at 11:00GMT/13:00SAST but the publication will likely be overshadowed by Finance Minister Enoch Godongwana's Budget Speech at 12:00GMT/14:00SAST.
  • Godongwana is now expected to announce tax hikes during his budget speech, as he looks for new sources of revenue, despite firm pushback from the ANC's coalition partners.
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USD/ZAR operates near the 18.3 area, which has provided a layer of support over the few weeks. The pair last deals at 18.3506, over 500 pips lower on the session, and a clean breach of Jan 24/Feb 14 lows of 18.3022/18.2995 would open up 18.2343, the 61.8% retracement of the upleg between Dec 12 - Jan 13. Meanwhile, bulls look for a recovery towards 19.2296, the Jan 13 high.

  • SAGB yields have pulled back from early highs but remain marginally above neutral levels. South Africa's 5-year and 10-year breakeven inflation rates sit at 4.64% and 5.63% respectively, hitting one-month highs.
  • The composite BBG Commodity Index has added 0.3%, with the precious metals subindex last seen 0.2% better off. Gold deals ~$2.0/oz. higher on the day.
  • Statistics SA will release December retail sales data at 11:00GMT/13:00SAST but the publication will likely be overshadowed by Finance Minister Enoch Godongwana's Budget Speech at 12:00GMT/14:00SAST.
  • Godongwana is now expected to announce tax hikes during his budget speech, as he looks for new sources of revenue, despite firm pushback from the ANC's coalition partners.