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Rand Little Change With SARB Decision In Rear-View Mirror

ZAR

Spot USD/ZAR stays stable as the dust settles after yesterday's SARB rate decision. It was a "hawkish hold" from the South African central bank, with the main interest rates left unchanged as expected, while Governor Kganyago emphasised the need to continue efforts to contain inflation until it is on a clear and sustainable path to the target mid-point.

  • The rand oscillates around neutral levels, with USD/ZAR last seen at 18.8677. From a technical standpoint, a break below 18.5385 (Jan 12 trough) is needed to open up scope for further losses. Bulls see Jan 22 high of 19.2180 as their initial target, with Oct 26 coming up next at 19.2710.
  • In local financial markets, SAGB yields sit a touch higher across the curve, with 10-year breakeven inflation rate rising to 6.32%. The FTSE/JSE Africa All Share Index has shed 0.1%.
  • The commodity space is a tad firmer, as are precious metals, but by negligible margins.
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