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Rand Falters, Underperforms EMEA Peers

ZAR

Spot USD/ZAR has crept higher and the Rand has landed at the bottom of the EMEA pile amid weakness in the precious metals space. The rate last deals at ZAR18.2835, up ~1,270 pips on the session. A rally above Mar 8 high of ZAR18.7192 would support the bullish case. Meanwhile, bears look for losses past trendline support at ZAR17.9949.

  • The composite BBG Commodity Index has shed ~0.5% this morning, while the precious metals subindex sits ~0.7% lower on the day.
  • Local-currency bond yields have climbed and last sit 3.1-3.9bp higher, with 10-year breakeven inflation rate last seen at 6.29%.
  • South African Q4 non-farm payrolls will cross the wires tomorrow, with the SARB set to announce their rate decision on Thursday.
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