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Rand Inches Higher, Headline Inflation Falls In Line With Median Estimate

ZAR

Spot USD/ZAR last changes hands at 18.7501, slightly lower on the day, with market participants parsing the latest CPI report out of South Africa. Technically, bears continues to look for a breach of 18.6825, which limited losses on Sep 20. Bulls eye Oct 6 high of 19.6399 for initial resistance.

  • The aggregate BBG Commodity Index has added ~0.8% this morning, reaching its best levels this month. The precious metals subindex also sits ~0.8% above neutral levels.
  • SAGB yields are higher across the curve, with 10-year breakeven inflation rate rising to 7.10%. Local FRAs have trimmed initial gains on the release of CPI figures.
  • South Africa's CPI inflation accelerated to 5.4% Y/Y in September, in line with the consensus forecast. Core inflation eased to +4.5% versus +4.7% expected. Note that the SARB wants to anchor inflation around the mid-point of its +3%-6% Y/Y official target range.
  • The focus turns to August retail sales data, due at 12:00BST/13:00SAST.
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