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Rand Holds Tight Range, Inflation Data & SARB Decision Eyed This Week

ZAR

USD/ZAR has oscillated between mild gains and losses, struggling for a clear direction. The rate last deals at ZAR19.2373, a touch higher on the day, with familiar technical contours still in play. A break above May 19 high of ZAR19.5247 would expose the psychological ZAR20.00 figure. Bears see May 16 low of ZAR18.9945 as their initial target, a break here would open up May 2 high of ZAR18.5075.

  • The aggregate BBG Commodity Index has shed ~0.6% this morning, while the precious metals subindex down ~1.1%.
  • Local-currency bonds are slightly weaker across the curve, with 10-year breakeven inflation rate sitting at 7.29%.
  • The focus turns to inflation data coming up tomorrow (CPI) and the day after (PPI). In addition, the SARB will announce their rate decision on Thursday.
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