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Free AccessRand Finds Some Stability Into Weekend
USD/ZAR has oscillated between gains and losses this morning, with broader greenback weakness providing some reprieve to the beleaguered rand. This comes alongside gains for the Chinese yuan after the PBOC vowed to curb FX speculation if needed. At typing, USD/ZAR trades at ZAR19.2990, some 340 pips below neutral levels, but still fairly close to the all-time high printed on May 12 at ZAR19.5148.
- From a technical perspective, bears look for losses past May 16 low of ZAR18.9945 towards May 2 high of ZAR18.5075. On the flip side, a break above ZAR19.5148 would open up the psychological ZAR20.00 figure.
- Local-currency bonds have stabilised in the wake of recent sales and last trade marginally firmer on the day, with 10-year breakeven inflation rate easing to 7.11%.
- The commodity complex has regained poise, with the composite BBG Commodity Index adding ~0.8% today. Precious metals are ~0.6% better off.
- ANC Secretary General Fikile Mbalula told eNCA that load-shedding will be dealt with by the end of this year, echoing comments from his party colleagues, even as Electricity Minister Kgosientsho Ramokgopa had earlier ruled out such a scenario.
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