Rand Inches Higher, Ramaphosa To Speak In Parliament

Spot USD/ZAR is under light pressure amid thin local headline flow and last deals at 19.0117, with bears looking for a move through Jan 12 low of 18.5385, which would shift focus to Dec 15 low of 18.1092. On the topside, the initial target is provided by Jan 22 high of 19.2180.

• SAGB yields have ticked higher across the curve, with 10-year breakeven inflation rate last seen at 6.48%. The BBG Commodity Index is little changed at typing, while the precious metals subindex has added 0.3%.
• Goldman Sachs wrote that South African bonds are again emerging as a "stand-out," while "the 7-10Y point of the curve is where we find the balance between earning the high carry in the bond curve but with more anchoring as moderating inflation offsets the pricing of fiscal risks."
• President Cyril Ramaphosa will speak in parliament today, commenting on the debate on his SONA delivered last week.