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Rand Loses Altitude Despite Load-Shedding Reduction

ZAR

Spot USD/ZAR has extended gains, advancing to new weekly highs (ZAR17.9072), and last deals +1,140 pips at ZAR17.8717. Should the rate break above Dec 1 high of ZAR17.9596, bulls would set their sights on ZAR18.1363, the 76.4% retracement of the Oct 13 - Jan 12 bear leg.

  • The Rand has struggled to find any reprieve in Eskom's decision to ease power rationing over the weekend. The electricity utility will alternate between Stages 3 and 2 load-shedding, before returning to Stage 4 on Monday afternoon.
  • On the negative side, Transnet suspended some freight rail operations amid flooding in the north-eastern parts of the country, which may exacerbate the country's persistent logistical problems.
  • Local-currency bonds have recovered from lows but remain weaker on the day. South Africa's 10-year inflation breakeven rate lodged a new three-week high before paring gains and last sits at 6.06%.
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