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Rand Edges Higher, Non-Farm Jobs Fall 0.9% Y/Y

ZAR

Spot USD/ZAR has slipped and last deals at ZAR18.2626, down ~460 pips on the day, with bears looking for losses past Mar 23 low/trendline support at ZAR18.0173/17.9897. Bulls need a rally above Mar 8 high of ZAR18.7192 to regain the upper hand.

  • The commodity complex is marginally firmer, with the composite BBG Commodity Index last ~0.2% higher. On the other hand, the precious metals subindex has shed ~0.2%, creating a drag on the aggregate index.
  • Local-currency bonds have firmed slightly across the curve, with 10-year breakeven inflation rate slipping to 6.29%.
  • South Africa's non-farm payrolls fell 0.9% Y/Y in 4Q2022 versus the revised 0.3% contraction in 3Q2022.

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