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Rand Extends Losses As Dust Settles After SARB Rate Decision

ZAR

Spot USD/ZAR has traded with a bullish bias, with the Rand coming under continued headwinds on the back of familiar domestic factors. The rate last deals at ZAR17.2395, up ~510 pips on the day, with Jan 6 high of ZAR17.4343 drawing bullish attention. Bears keep an eye on Jan 12 low of ZAR16.6950.

  • Local-currency bond yields have reversed initial gains, with the curve running steeper as we type. South Africa's 10-year breakeven inflation rate is hovering above one-year lows printed yesterday at 5.83%.
  • The FTSE/JSE Africa All Share Index remains on a tear, hitting new record highs at 81,338 today, in the wake of a below-forecast SARB rate hike announced yesterday.
  • The aggregate BBG Commodity Index is little changed at typing, with the precious metals subindex last seen ~0.3% lower on the session.
  • There is no local economic data inbound today, with the focus on the three-day meeting of the ruling ANC's National Executive Committee.
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