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Rand Extends Losses Amid Defensive Feel, Weak Showing From Precious Metals

ZAR

USD/ZAR keeps pushing higher amid broader risk aversion and last changes hands +2,211 at ZAR17.5753, with the market gearing up for domestic and international risks outlined in previous bullets. The rate is at/near 11-day highs, with bulls setting their sights on Dec 1 high of ZAR17.9596.

  • Cautious mood has not prevented the commodity complex from firming, with the BBG Commodity Index last ~1.2% higher on the day. However, gains for the aggregate index have been driven by higher energy prices, while the precious metals subindex has bucked the trend and shed ~1% so far.
  • Local-currency bond yields are broadly higher, with 10-year breakeven inflation rate printing new one-week highs at 6.42% as a result.
  • The FTSE/JSE Africa All Share Index and the FTSE/JSE Africa Topp40 Index both trade slightly below neutral levels, holding their recent ranges.
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