Free Trial

Rand Falters Despite Light Recovery In Precious Metals

ZAR

Spot USD/ZAR last deals +520 pips at ZAR18.1379, with bulls looking for further gains towards Mar 21 high of ZAR18.6132 and key resistance from Mar 8 high of ZAR18.7192. Conversely, bears keep an eye on Mar 31 low of ZAR17.6993.

  • Local-currency bond yields jumped this morning and sit 8.2-8.6bp higher across the curve, with 10-year inflation breakeven rate climbing to 6.45%, the highest point since Jan 3.
  • The BBG Commodity Index is little changed at typing, with the precious metals subindex up ~0.5%, recovering after Friday's slump. Spot gold has edged higher, adding $7.4/oz. so far.
  • Reminder that Eskom continues to run Stage 6 load-shedding until further notice.

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.