Free Trial

Rand Little Changed, Local Headline Flow Quiet

ZAR

Spot USD/ZAR operates close to neutral levels, last changing hands at 18.7816, with the rand finding no major drivers in headlines coming out of South Africa over the weekend. This shifts the focus to global developments.

  • From a technical standpoint, Jan 12 low of 18.5385 provides the initial bearish target. Conversely, bulls look for a move through Jan 22 high of 19.2180.
  • The composite BBG Commodity Index has shed 0.3%, while the precious metals subindex has added 0.7%, as gold is ~$11.4/oz. better off.
  • SAGB yields are marginally higher, 10-year breakeven inflation rate has climbed to 6.33%.
  • Eskom extended Stage 2 loadshedding indefinitely, but also said that a further update will be released on Wednesday, barring unexpected changes.

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.