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Rand Falters Early On, Monthly Trade Data Inbound

ZAR

USD/ZAR has resumed gains as South Africa briefly returns after a public holiday, only to begin a three-day weekend tomorrow. The pair last deals at ZAR18.3837, up ~810 pips on the day, with bulls looking for gains towards Mar 21 high of ZAR18.6132 and Mar 8 high of ZAR18.7192. On the flip side, a dip through the ZAR18.00 figure would expose Mar 31 low of ZAR17.6993.

  • The BBG Commodity Index is ~0.2% softer, with precious metals subindex sitting ~0.4% lower on the day.
  • Local-currency bond yields have climbed, curve runs slightly flatter. The 10-year breakeven inflation rate is at 6.64% after hitting 21-week highs.
  • South Africa's trade balance will cross the wires at 13:00BST/14:00SAST. The median estimate in a Bloomberg poll of analysts is +ZAR18.0bn.

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