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Rand Little Changed, Precious Metals On Back Foot

ZAR
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Spot USD/ZAR oscillates around neutral levels, looking for fresh catalysts. The pair sits at 19.2105, with bulls seeking gains past Apr 19/Feb 23 highs of 19.3862/99. Our technical analyst flags the 50-EMA at 18.8982 as an initial layer of support.

  • SAGB yields sit higher across the curve ahead of the National Treasury's weekly bond auction, with 10-year breakeven inflation rate last seen at 7.11%.
  • The aggregate BBG Commodity Index is little changed, while the precious metals subindex operates 1% below neutral levels.
  • South Africa's leading indicator improved to 112.8 in February from 110.9 prior, reaching its highest point in a year.
  • The SARB will publish its Monetary Policy Review this afternoon.
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Spot USD/ZAR oscillates around neutral levels, looking for fresh catalysts. The pair sits at 19.2105, with bulls seeking gains past Apr 19/Feb 23 highs of 19.3862/99. Our technical analyst flags the 50-EMA at 18.8982 as an initial layer of support.

  • SAGB yields sit higher across the curve ahead of the National Treasury's weekly bond auction, with 10-year breakeven inflation rate last seen at 7.11%.
  • The aggregate BBG Commodity Index is little changed, while the precious metals subindex operates 1% below neutral levels.
  • South Africa's leading indicator improved to 112.8 in February from 110.9 prior, reaching its highest point in a year.
  • The SARB will publish its Monetary Policy Review this afternoon.