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Rand Extends Gains Amid Positive Data Signals

ZAR

Spot USD/ZAR continues to lose altitude and last deals at 18.7662, down 2,170 pips on the session. Bears still see the 20-EMA at 18.4064 as their initial target.

  • The rand is supported by expectation-beating domestic mining and manufacturing data. Mining production rose 1.1%Y/Y in June, topping the +0.3% consensus forecast. Industrial output printed at +5.5% Y/Y, overshooting the +3.0% median estimate.
  • Minister in the Presidency Khumbudzo Ntshavheni said that President Cyril Ramaphosa will "apply his mind" to the Russiagate report but refused to comment on rumours pointing to a mounting pressure to expel US ambassador Reuben Brigety.
  • The BBG precious metals subindex sits ~0.3% higher on the day, close to session highs, even as the aggregate BBG Commodity Index has trimmed gains.
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