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ZAR: Rand Extends Gains, Refreshes Three-Month Highs

ZAR
EM BulletBulletEmerging Market News

USD/ZAR remains heavy as the greenback continues to haemorrhage strength (BBDXY -0.3%). The pair last deals at 18.0638, almost 700 pips shy of neutral levels, after moving through the 100- and 200-DMAs yesterday. A break below the round figure of 18.0 would bring into play the nearby 76.4% retracement of the upleg between Dec 12 - Jan 13 at 17.9992. On the flip side, bulls look for a recovery towards Feb 28 high of 18.7246.

  • Coalition parties continue to wrestle over the shape of the delayed 2025 National Budget, with the Democratic Alliance (DA) and smaller parties reportedly still opposed to any VAT hikes. The government's guidance remains that the March 12 date for budget delivery is "set in stone," which puts the Finance Minister under pressure to come up with a digestible compromise. The Cabinet is expected to review the final draft on Monday, March 10.
  • SAGB yield curve runs a tad steeper as we type, with 5-year and 10-year breakeven inflation rates last seen at 4.60% and 5.61% respectively.
  • The aggregate BBG Commodity Index has edged lower by 0.2%, with the precious metals subindex little changed on the session.
  • South Africa's net reserves stood at $61.73bn in February versus $61.33bn in January and $61.19bn expected.
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USD/ZAR remains heavy as the greenback continues to haemorrhage strength (BBDXY -0.3%). The pair last deals at 18.0638, almost 700 pips shy of neutral levels, after moving through the 100- and 200-DMAs yesterday. A break below the round figure of 18.0 would bring into play the nearby 76.4% retracement of the upleg between Dec 12 - Jan 13 at 17.9992. On the flip side, bulls look for a recovery towards Feb 28 high of 18.7246.

  • Coalition parties continue to wrestle over the shape of the delayed 2025 National Budget, with the Democratic Alliance (DA) and smaller parties reportedly still opposed to any VAT hikes. The government's guidance remains that the March 12 date for budget delivery is "set in stone," which puts the Finance Minister under pressure to come up with a digestible compromise. The Cabinet is expected to review the final draft on Monday, March 10.
  • SAGB yield curve runs a tad steeper as we type, with 5-year and 10-year breakeven inflation rates last seen at 4.60% and 5.61% respectively.
  • The aggregate BBG Commodity Index has edged lower by 0.2%, with the precious metals subindex little changed on the session.
  • South Africa's net reserves stood at $61.73bn in February versus $61.33bn in January and $61.19bn expected.