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Rand Extends Gains, Taking Its Cue From Precious Metals

ZAR

Spot USD/ZAR continues to trade with a bearish bias, outpacing losses in the BBDXY index, as the pair is refreshing intraday lows. Gains for precious metals are seemingly spilling over into the South African Rand, with the relevant BBG index creeping higher as we type.

  • The rate last deals at ZAR18.0222, down ~2,580 pips on the session, threatening to breach the nearby round figure of ZAR18.0000. A close below Mar 14 low/head-and-shoulders neckline at ZAR18.0420/18.0054 would mark the completion of a bearish pattern, opening up scope for further losses.
  • The composite BBG Commodity Index has added ~0.5% so far, while the precious metals subindex is up ~2.0%, as spot gold sits $14.7/oz. higher on the day.
  • Local-currency bonds have given away the bulk of their earlier gains, with yields last sitting 2.1-2.9bp lower on the day.
  • The FTSE/JSE Africa All Share Index is ~0.5% better off and is testing its 100-DMA as the wider equity space has found poise.
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