Rand Finds Poise Today Despite Being Second-Worst EMEA Performer This Week

Spot USD/ZAR corrects its recent advance after punching through resistance from the 76.4% retracement of the Jun 1 - Jul 27 sell-off at 19.3301. The rate last sits at 19.4297, almost 900 pips lower on the day. The initial layer of support is provided by Sep 20 low of 18.6825. On the flip side, bulls look for a rally towards the all-time high of 19.9204.

• The commodity complex is slightly firmer today (BCOM Index +0.4%). Precious metals have also inched higher but the relevant subindex (+0.1%) lags the gauge tracking the wider commodity space.
• SAGB yields are slightly lower across the curve, with South Africa's 10-year breakeven inflation rate edging lower to 7.23%.
• Public Enterprises Minister Gordhan said that Eskom will have a new CEO by the end of December. The utility has not had a permanent head for over seven months.