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Rand Falters Amid Risk Aversion Despite Firmer Precious Metals

ZAR

Spot USD/ZAR has edged higher as risk aversion stemming from concerns over the condition of the banking system weigh on growth proxies. The pair last deals at ZAR18.5125, up ~390 pips on the day, with bulls setting their sights on Mar 8 high of ZAR18.7192. Bears look for a clean breach of Mar 14 low of ZAR18.0420.

  • The BBG Commodity Index sits ~0.6% lower on the session, albeit the precious metals subindex remains on a tear and last is ~0.7% better off. Spot gold briefly topped the $2,000/oz. mark for the first time since Mar 2022, but it has quickly unwound gains.
  • As flagged earlier, South Africa's third-biggest party EFF is holding nationwide protests, with local law enforcement agencies put on high alert as a result. The party called for a "national shutdown" to demand President Ramaphosa's resignation.
  • Local-currency bond yields are lower across the slightly steeper curve, with 10-year breakeven inflation rate easing to 6.17%.
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