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Rand Gains For Fourth Consecutive Day

ZAR
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Spot USD/ZAR loses altitude for the fourth day in a row, printing its worst levels since Mar 14. The pair last deals at 18.5993, down ~730 pips on the session, with bears eyeing support from Mar 13 low of 18.5066. On the flip side, Mar 28 high of 19.1063 provides the initial layer of resistance.

  • The rand has ignored reports that ex-Speaker Mapisa-Nqakula handed herself over to the police and will appear in the Pretoria magistrate's court later today, suggesting that the markets have discounted the political implications of the issue. From the market perspective, the matter has been overshadowed by Wednesday's comments from Fed Chair Powell, who said US interest rates would likely be lowered "at some point this year."
  • The rant is firmer even as gold has pulled back from fresh record highs and last trades ~$7.4/oz. worse off. The precious metals subindex is little changed on the day, as Bloomberg's composite commodity index sits 0.2% higher.
  • South Africa's economy moved into contractionary territory, according to the latest S&P Global survey, with PMI dropping to 48.4 in March from 50.8 previously. The accompanying commentary noted that "South African businesses suffered a fresh setback in March, with new business volumes declining at the sharpest rate in more than two years."
  • South Africa will report electricity consumption/production for February at 12:00BST/13:00SAST. Meanwhile, loadshedding remains suspended until further notice, per the latest update from Eskom.
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Spot USD/ZAR loses altitude for the fourth day in a row, printing its worst levels since Mar 14. The pair last deals at 18.5993, down ~730 pips on the session, with bears eyeing support from Mar 13 low of 18.5066. On the flip side, Mar 28 high of 19.1063 provides the initial layer of resistance.

  • The rand has ignored reports that ex-Speaker Mapisa-Nqakula handed herself over to the police and will appear in the Pretoria magistrate's court later today, suggesting that the markets have discounted the political implications of the issue. From the market perspective, the matter has been overshadowed by Wednesday's comments from Fed Chair Powell, who said US interest rates would likely be lowered "at some point this year."
  • The rant is firmer even as gold has pulled back from fresh record highs and last trades ~$7.4/oz. worse off. The precious metals subindex is little changed on the day, as Bloomberg's composite commodity index sits 0.2% higher.
  • South Africa's economy moved into contractionary territory, according to the latest S&P Global survey, with PMI dropping to 48.4 in March from 50.8 previously. The accompanying commentary noted that "South African businesses suffered a fresh setback in March, with new business volumes declining at the sharpest rate in more than two years."
  • South Africa will report electricity consumption/production for February at 12:00BST/13:00SAST. Meanwhile, loadshedding remains suspended until further notice, per the latest update from Eskom.