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Rand Little Changed, SARB Speak Draws Attention


Spot USD/ZAR trades at 19.1790, marginally higher on the day, with the rand looking for fresh catalysts. The familiar technical picture remains in play, with bulls looking for a break above 19.3301, the 76.4% retracement of the Jun 1 - Jul 27 downleg. Bears see the 50-EMA at 18.5619 as their initial target.

  • SAGB yields have crept higher across the board, with 10-year breakeven inflation rate last seen at 6.79%. The commodity complex is slightly firmer, while the precious metals subindex sits a touch lower.
  • SARB Dep Gov Tshazibana said that the central bank is not in a "solid" rate pause as it remains concerned about elevated food prices and the impact of power outages on prices.
  • SACCI Business Confidence Index for July will be published shortly.

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