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ZAR: Rand Extends Gains Into Third Day

ZAR
EM BulletBulletEmerging Market News

Spot USD/ZAR loses ground for the third consecutive day, consolidating below the 19.0 figure. The rate last deals at 18.8539, more than 600 pips worse off. A dip through Jan 6 low of 18.4323 would suggest that a topping pattern might be forming, while bulls look for a restart of gains towards and beyond Jan 13 high of 19.2296 and then Apr 23 high of 19.2696.

  • SAGB yields faltered in early trade before stabilising at depressed levels. South Africa's 5-year breakeven inflation rate sits at 4.53%, with 10-year rate last seen 5.67%.
  • The aggregate BBG Commodity Index is barely changed on the day, while the precious metals subindex is 0.8% better off. Gold trades ~$7.5/oz. higher on the day.
  • In the absence of tier-1 local data releases, the focus turns to US CPI, coming up later today. The greenback trades on the back foot, with the BBDXY Index last seen 0.1% lower.
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Spot USD/ZAR loses ground for the third consecutive day, consolidating below the 19.0 figure. The rate last deals at 18.8539, more than 600 pips worse off. A dip through Jan 6 low of 18.4323 would suggest that a topping pattern might be forming, while bulls look for a restart of gains towards and beyond Jan 13 high of 19.2296 and then Apr 23 high of 19.2696.

  • SAGB yields faltered in early trade before stabilising at depressed levels. South Africa's 5-year breakeven inflation rate sits at 4.53%, with 10-year rate last seen 5.67%.
  • The aggregate BBG Commodity Index is barely changed on the day, while the precious metals subindex is 0.8% better off. Gold trades ~$7.5/oz. higher on the day.
  • In the absence of tier-1 local data releases, the focus turns to US CPI, coming up later today. The greenback trades on the back foot, with the BBDXY Index last seen 0.1% lower.