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Rand Extends Rally, Local Equities Pare December Down-Leg

ZAR
  • The rand is comfortably the strongest currency in EMEA as an extension of post-Fed greenback weakness and strength in the commodities complex underpins outperformance of the currency.
  • In particular, the fading dollar has supported spot gold, which touched a new weekly high and has narrowed the gap with 2041.26, the next intraday upside level.
  • USDZAR losses have eclipsed 2% on the day, bringing the pair closer to the previously noted bear trigger at 18.1117, the Nov 15 low.
  • Similar optimism is noted in South African equities with the JALSH index ending the session 3.65% in the green and almost having erased the entirety of the December down-leg. Meanwhile, yields on SAGBs are down 20-24bps across the curve.
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