Rand Holds Steady Near 19.0 Level

Spot USD/ZAR has been oscillating around the 19.0 mark at the start to the week and last deals at 19.0257. Gains past Feb 23 high of 19.3899 would would suggest that bulls are in charge, while bears look for a pullback towards Mar 13 low of 18.5066 and Dec 29 low of 18.2550.

• The composite BBG Commodity Index sits marginally higher on the day, while the precious metals subindex is up 0.2% on the day. SAGB yields are slightly higher across the curve, with 10-year breakeven inflation rate last seen at 6.84%.
• South Africa's consumer confidence recovered to -15 in Q1 from -17 prior, according to the latest BER report. The Bureau said that "the latest reading points to a consumer still under pressure," even as it is "significantly higher than the -23 reading recorded during the first quarter of 2023."
• Deputy Speaker Tsenoli has been appointed acting Speaker after Nosiviwe Mapisa-Nqakula stepped aside due to her corruption charges. Participants will monitor the development of her case, as it may prove politically significant ahead of the upcoming national and provincial elections.