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Rand Gives Away Initial Gains, S. Africa's PPI Slows More Than Forecast

ZAR

Spot USD/ZAR has reversed its initial losses and last deals at ZAR18.3937, up ~610 pips higher on the day. The rate briefly pierced yesterday's best levels as bulls keep an eye on familiar targets.

  • From a cross-asset perspective, local-currency bonds have unwound the bulk of their earlier gains, with 10-year breakeven inflation rate last sitting at 6.61%. The BBG Commodity index has faltered, even as the precious metals subindex remains afloat.
  • Former Eskom CEO Andre de Ruyter refused to name a "senior politician" involved in corruption at Eskom, but said that he relayed all information to Public Enterprises Minister Pravin Gordhan and law enforcement authorities. He is testifying to a parliamentary committee today.
  • Data released this morning showed that South Africa's factory-gate inflation slowed to +10.6% Y/Y in March from +12.2%, missing the +11.3% consensus forecast.
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