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Rand Erases Earlier Gains Following US Data, Yields on SAGBs Extend Recent Gains

ZAR
USDZAR has reversed its earlier losses and briefly pierced Monday’s high of 19.0730 on the back of the stronger-than-expected US data. As outlined above, weakness for the major equity benchmarks and greenback strength are weighing substantially on the more risk sensitive currencies.
  • But despite the additional headwind of a move lower in spot gold, the rand sits mixed among its EMEA peers. For bulls, sights are on 19.2180 in USDZAR, the Jan 22 high. Clearance of this level would confirm a resumption of the uptrend and open 19.6399, the Oct 6 2023 high.
  • SAGB yields have been on the rise this month, with market participants looking ahead to Finance Minister Godongwana's budget on February 21. Bloomberg reported yesterday that local bonds were "among the worst performing of emerging market sovereigns" with investors worried about the country's fiscal position. Indeed, yields are 4-5bps higher across the curve today, with the yield on 10y bonds approaching the mid-December highs.
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