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Rand Extends Notable Bounce from This Week’s Earlier Lows

ZAR
Spot USDZAR gains approach 1% on the day as the pair extends its bounce from Monday’s multi-month lows. Despite relatively little change in the USD index overall, the local currency underperforms compared to a moderately more resilient showing across the wider EM FX space. Slightly firmer equities have been unable to offer the currency any reprieve, while a weaker precious metals complex is likely providing an additional headwind. Initial resistance is marked at 18.8058 – the 50-day EMA.
  • More broadly, debt matters concerning some of South Africa’s largest state-owned companies remain of note to markets. Geopolitics may also be continuing to work against the ZAR, with South Africa's stance on the Israel-Hamas war complicating its relations with the US, not too long after US Senator Coons proposed excluding South Africa from a renewal of the AGOA preferential trade pact on the government's support for Russia.
  • With the local data slate empty for the remainder of the week, attention will turn to Fed Chair Powell’s speech later this afternoon given ZAR sensitivity to global matters.
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