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Rand Loses Altitude Along BBG Precious Metals Subindex

ZAR

USD/ZAR trades at ZAR17.1272, up ~1070 pips on the day, with the Rand underperfoming all its EMEA peers. Topside technical focus falls on trendline support-turned-resistance at ZAR17.2996.

  • Firm resistance for the FTSE/JSE Africa Top40 Index has been established at Nov 15 high of 67,087 as the index has failed to breach the level on several attempts, including today's upswing. It last operates ~0.2% higher on the session, slightly shy of that resistance level.
  • Government bond yields sit higher across the curve. Benchmark 10-year yield has now clawed back yesterday's losses.
  • The BBG Commodity Index sits 0.28% higher. The precious metals subindex remains firmer on the day, albeit it has pared the bulk of its opening gains.
  • Key data releases next week include unemployment (Tuesday) and trade balance (Wednesday).
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