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Rand Garners Some Strength

ZAR

Spot USD/ZAR has come under pressure and last changes hands at 18.2566, some 700 pips lower on the day. From the technical standpoint, bears look for losses past 17.9434, the 76.4% retracement of the Jul 27 - Oct 6 bull leg. On the topside, the focus falls on the 50-EMA at 18.6787.

  • The aggregate BBG Commodity Index sits 0.1% below neutral levels, with precious metals also down 0.1%.
  • SAGB yields are slightly higher across the curve, taking their cue from US Tsys. South Africa's 10-year breakeven inflation rate sits at 6.39%.
  • The local data docket is empty through the end of this week.

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