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ZAR: Rand Inches Higher, Consolidates Weekly Gain

ZAR
EM BulletBulletEmerging Market News

USD/ZAR has edged lower, losing ground for the third day in a row. The pair last deals at 18.4248, just a touch lower on the session, with bears looking for losses beyond Jan 24 low of 18.3022. Conversely, bulls keep an eye on Jan 13 high of 19.2296.

  • President Ramaphosa struck defiant note in his SONA when he touched upon recent tensions with the US, declaring that South Africa "won't be bullied". The leader reaffirmed the coalition government's intention to continue with its reform agenda, targeting a GDP growth rate of 3%.
  • Ramaphosa is set to attend a high-stakes summit with Rwandan President Kagame and DRC President Tshisekedi in Tanzania over the next couple of days to discuss the situation in Goma, where South African troops clashed with Rwandan-backed M23 rebels.
  • SAGB yields have recovered from early lows and are now modestly positive on the day. South Africa's 5-year and 10-year breakeven inflation rates sit at 4.31% and 5.46% respectively.
  • The composite BBG Commodity Index has added 0.4%, the precious metals subindex is 0.5% better off.
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USD/ZAR has edged lower, losing ground for the third day in a row. The pair last deals at 18.4248, just a touch lower on the session, with bears looking for losses beyond Jan 24 low of 18.3022. Conversely, bulls keep an eye on Jan 13 high of 19.2296.

  • President Ramaphosa struck defiant note in his SONA when he touched upon recent tensions with the US, declaring that South Africa "won't be bullied". The leader reaffirmed the coalition government's intention to continue with its reform agenda, targeting a GDP growth rate of 3%.
  • Ramaphosa is set to attend a high-stakes summit with Rwandan President Kagame and DRC President Tshisekedi in Tanzania over the next couple of days to discuss the situation in Goma, where South African troops clashed with Rwandan-backed M23 rebels.
  • SAGB yields have recovered from early lows and are now modestly positive on the day. South Africa's 5-year and 10-year breakeven inflation rates sit at 4.31% and 5.46% respectively.
  • The composite BBG Commodity Index has added 0.4%, the precious metals subindex is 0.5% better off.