Rand Loses Ground After Three Days Of Gains

Spot USD/ZAR snaps its three-day losing streak and last changes hands at 19.0844, a touch higher on the day. A clearance of Feb 23 high of 19.3899 would confirm the underlying bullish theme, while losses past Feb 21 low of 18.7622 would open up room for a deeper bearish correction.

• SAGB yields are slightly higher across the curve, with 10-year breakeven inflation rate ticking higher to 6.46%. The BBG Commodity Index is little changed, with the precious metals subindex extending its rally by another 0.3% this morning, hitting new two-month highs in the process.
• S&P Global PMI recovered to 50.8 in February from 49.2 prior, with the survey showing that "the cooling inflation environment has been a major factor in helping to revive markets."
• South Africa will report its Q4 GDP at 09:30GMT/11:30SAST. The economy may have grown 0.9% Y/Y, according to a Bloomberg poll of economists.