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Rand Extends Losses, Econ Ministers Speak In Parliament

ZAR

Spot USD/ZAR extends its earlier gains amid broad-based gains for the greenback, which now outperforms in the G10 space. Meanwhile, the South African Rand sits at the bottom of the EMEA pile. The pair last trades at ZAR18.4934, up ~1,620 pips on the day.

  • Local-currency bond yields remain elevated across a slightly steepened curve. South Africa's 10-year breakeven inflation rate remains near session highs.
  • The BBG Commodity Index remains on the back foot, last ~0.5% lower on the day. The precious metals subindex is ~0.2% worse off.
  • Ministers in the economic cluster (including the Electricity Minister) are currently answering questions in the upper house of parliament.
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