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Rand Heads Into Weekend On Slightly Firmer Footing

ZAR

A brief round of more pronounced greenback weakness prompted spot USD/ZAR to have a round trip from new session lows, with the pair holding a familiar range in the process. The pair last deals at ZAR18.1443, almost 600 pips lower on the session.

  • Local-currency bonds hold earlier gains, last trading 5.0-6.0bp richer across the slightly steeper curve. The 10-year breakeven inflation rate now sits at 6.24%.
  • The FTSE/JSE Africa All Share Index has added ~0.9% as global equity markets are mostly in the green, albeit South Africa's benchmark is yet to test yesterday's peak.
  • It will be worth watching South African media over the weekend as President Ramaphosa may announce a Cabinet reshuffle on Sunday or Monday.

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