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Rand Garners Strength, China's Caixin M'fing PMI Beats Expectations

ZAR

Spot USD/ZAR has faltered and last deals at 18.7502, down ~1,260 pips on the session, with bears looking for losses towards Aug 2 low of 18.2582. On the flip side, bulls keep an eye on 19.3301, the 76.4% retracement of the Jun 1 - Jul 27 sell-off.

  • China's Caixin Manufacturing PMI printed at 51.0 overnight, signalling that the sector unexpectedly returned to expansion in August.
  • The commodity complex is firmer, with the BBG Commodity Index last seen up ~0.6% on the day. The precious metals subindex sits ~0.2% higher.
  • SAGB yields have faltered across the curve, with South Africa's 10-year breakeven inflation rate last seen at 6.59%.
  • SARB Governor Lesetja Kganyago will speak alongside Atlanta Fed's Raphael Bostic and BoE's Huw Pill.

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