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Rand Gives Away Modest Initial Gains

ZAR

USD/ZAR has clawed back its initial losses and last deals at 18.7359, now a touch higher on the day. Technically, a clearance of Oct 26 high of 19.2710 would allow bulls to set their sights on Oct 6 high of 19.6399. On the flip side, bearish focus falls on 18.1581, which limited losses on Nov 6.

  • Eskom ramped up loadshedding and said that it would move between Stage 1, 2 and 3 power cuts in the coming days as generation capacity has deteriorated.
  • The BBG Commodity Index has added 0.15% but the precious metals subindex is slightly weaker, with the commodity space being under pressure in the past few days.
  • SAGB yields trade marginally lower across the curve, with South Africa's breakeven 10-year inflation rate sitting at 6.85%.
  • South Africa will report Q3 unemployment tomorrow, with retail sales due Thursday.
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