Rand Inches Higher

Spot USD/ZAR has crept higher, with little of real note crossing local wires this morning. The pair last deals at 18.4188, up ~580 pips on the session, with bulls looking for a move through the 50-EMA at 18.6721. Bears see 17.9434, the 76.4% retracement of the Jul 27 - Oct 6 bull leg, as their initial target.

• It is worth noting that the rate's 50-DMA is probing the water below the 200-DMA. Should this pattern hold at the close, it would mark the completion of a "death cross", an important bearish technical signal.
• Electricity Minister Kgosientsho Ramokgopa was optimistic about the short-term energy outlook as more frequent maintenance helped alleviate generation unit outages.
• SAGB yields are marginally higher across the curve, with 10-year breakeven inflation rate last seen at 6.42%.
• The composite BBG Commodity Index has added 0.5%, with precious metals subindex up 0.6%.