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Rand Impervious To Hawkish Musings Post-SARB MPR

ZAR

Spot USD/ZAR last changes hands at 19.1470, a touch higher on the day, with bulls keeping an eye on Apr 19/Feb 23 highs of 19.3862/99. On the downside, the focus falls on the 50-EMA, intersecting at 18.9046.

  • The SARB's Monetary Policy Review (MPR) included some hawkish overtones, with the central bank warning that the path back to the target mid-point has become more "bumpy" and "protracted." Governor Kganyago subsequently said that the inflation target may only be revised lower.
  • SAGB yields run slightly higher across the curve, with 10-year breakeven inflation rate last sitting at 7.08%.
  • Bloomberg's gauge of precious metals strength has shed 0.5% this morning as gold trades ~$4.1/oz. lower on the day.
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