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Rand Fluctuates Around Neutral Levels, Local Equity Benchmark Bounces Off Fibo Retracement

ZAR

USD/ZAR has been oscillating around its previous close amid market indecisiveness despite broad-based weakness in the greenback. The pair last deals at ZAR18.4241, just shy of unchanged levels, respecting last Friday's extremes.

  • The FTSE/JSE Africa All Share Index found support in the 23.6% retracement of the Sep 28 - Jan 27 rally and bounced off there today. The index is ~0.75% better off but is struggling to return above the 50-DMA breached last week.
  • Local-currency bond yield curve runs steeper and the space has shaken off its earlier weakness. South Africa's 10-year breakeven inflation rate has fully unwound its prior uptick.
  • The Mail & Guardian reported that President Ramaphosa has called an urgent Cabinet meeting for tonight, which might be related to the ongoing energy crisis and the expected reshuffle of his administration.
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