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Rand Extends Gains To Best Levels Since February

ZAR

USD/ZAR continues to trade with a bearish bias, easing past support from Mar 31 low of 17.6993, which confirms that bears still have the upper hand. The rate last deals at 17.6925, down 520 pips on the session, with bears looking for losses towards the 17.50 figure. The 50-EMA provides the initial layer of resistance at 18.4570.

  • USD/CNH sold off sharply overnight amid hopes that China would roll out further support measures, including for its beleaguered property sector. Optimism in Chinese markets may have spilled over into the rand at the start to this week, facilitating its gains versus the greenback.
  • The BBG Commodity Index has been struggling to extend its recent gains after piercing its 200-DMA, but the precious metals subindex sits ~0.2% higher on the day.
  • South Africa's leading indicator fell to 108.4 in May from 110.3 prior. There is little of note on the local docket until the release of Jun PPI data on Thursday.
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