October 10, 2023 08:03 GMT
Rand Firms Despite Resignation Of Eskom Chair
Spot USD/ZAR resumes losses today after a finely balanced tug-of-war between bears and bulls yesterday, with the pair charting a virtual Doji candlestick as a result. The rate last deals at 19.2400, almost 1,000 pips lower on the day.
- Technically, the focus falls on 18.6825, which limited losses on Sep 20. On the flip side, a clearance of Oct 6 high of 19.6399 would bring the all-time high of 19.9204 into play.
- The BBG Commodity Index has shed ~0.4% this morning, with the precious metals subindex sitting a touch higher on the day.
- SAGB yields are broadly lower across the curve, with South Africa's 10-year breakeven inflation rate easing to a two-week low of 7.08%.
- The rand has been unfazed by the continued leadership crisis at Eskom, where Chairman Mpho Makwana stepped down amid the ongoing search for a new CEO.