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Rand Lags EMEA Peers Despite Loadshedding Suspension

ZAR

Spot USD/ZAR changes hands at 18.8042, up 1,190 pips on the day. Technically, the key layer of resistance is provided by Dec 11 high of 19.1386. On the flip side, bears look for a retreat towards the 76.4% retracement of the Jul 27 - Oct 6 upleg at 17.9434.

  • USD/CNH strengthened overnight, with participants awaiting key inflation data from both China and the US this week, and assessed simmering bilateral tensions. The greenback is the best performer in the G10 FX space after the yen.
  • The commodity space took a hit, with the BBG Commodity Index down 0.5% at typing as the precious metal subindex sits 0.7% lower. SAGB yields are slightly higher across the curve, with 10-year breakeven inflation rate rising to 6.45%.
  • The December reading of Absa Manufacturing PMI will be published at the top of the hour. The index previously printed at 48.2, staying in contractionary territory since May 2023.
  • Loadshedding remains suspended due to improved generation capacity and sufficient emergency reserves, according to the latest update from Eskom.
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