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Rand Extends Gains, South Africa's Off'l Unemployment Rate Falls More Than Forecast

ZAR

USD/ZAR continues to head lower in line with broader greenback weakness, with the Rand cementing its position as best EMEA performer. The rate last changes hands at ZAR16.9610, down ~1,930 pips on the day, with Nov 24 low of ZAR16.9073 providing the initial layer of support.

  • South Africa's official unemployment rate dropped more than expected to 32.9% in Q3 from 33.9% recorded in Q2, with the manufacturing sector driving employment gains despite record power outages.
  • BBG Commodity Index remains at elevated levels, last sitting ~1% higher on the day. The precious metals subindex operates ~1.1% higher, having erased the entirety of yesterday's gain.
  • The FTSE/JSE Africa Top40 Index retraced its opening upswing which took it to new cyclical highs just shy of the 68,000 mark. The index trades marginally above neutral levels.
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