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Rand Extends Losses Amid Softer Precious Metals

ZAR

Spot USD/ZAR continues to firm and last deals at 18.6841, a touch higher on the session. Familiar technical levels remain in play, with bulls eyeing Oct 26 high of 19.2710 for initial resistance. Conversely, bears look for a dip through Nov 6 low of 18.1581.

  • The composite BBG Commodity Index has shed 0.2% as the commodity complex remains under pressure. Precious metals underperform the wider commodity space, with the precious metals subindex down 0.7% on the day.
  • SAGB yield curve has bear flattened, with South Africa's 10-year breakeven inflation rate rising to 6.82%.

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