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Rand Extends Gains, PPI Inflation Accelerates Slightly More Than Expected

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Today the rand is the best performer among all 152 currencies tracked by Bloomberg. The South African currency has kept building on its earlier gains despite the stabilisation in gold prices after their initial uptick. Spot USD/ZAR is now testing the water below the psychologically significant 19.0000 figure, last trading at 18.9801 as it registers fresh intraday lows.

  • Expectation-beating PPI data (albeit by narrow margins of 0.1pp for both the Y/Y and M/M readings) may be conducive to further appreciation, given the confirmation of the SARB's hawkish bias in the latest edition of their Monetary Policy Review. That said, the currency's rally started notably before the release of the data.
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Today the rand is the best performer among all 152 currencies tracked by Bloomberg. The South African currency has kept building on its earlier gains despite the stabilisation in gold prices after their initial uptick. Spot USD/ZAR is now testing the water below the psychologically significant 19.0000 figure, last trading at 18.9801 as it registers fresh intraday lows.

  • Expectation-beating PPI data (albeit by narrow margins of 0.1pp for both the Y/Y and M/M readings) may be conducive to further appreciation, given the confirmation of the SARB's hawkish bias in the latest edition of their Monetary Policy Review. That said, the currency's rally started notably before the release of the data.