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Rand Loses Ground, Becomes Worst EMEA Performer

ZAR

Spot USD/ZAR has turned bid this morning, running as high as to ZAR16.8589 in the past half an hour or so, despite a renewed push higher in the BBG Commodity Index and a steady greenback. Headline flow out of South Africa has been relatively quiet.

  • At typing, USD/ZAR trades at ZAR16.8410, up ~875 pips on the day, with bulls looking for appreciation towards Jan 6 high of ZAR17.4343. Bears keep an eye on yesterday's low of ZAR16.6950, followed by Aug 11 low of ZAR16.1104.
  • The BBG gauge of commodity strength sits ~0.5% higher on the session, with the previous metals subindex up ~0.2%, as gold trades ~$7.55/oz better off.
  • Local-currency bond yields have moved away from earlier lows, with light curve steepening evident. South Africa's 10-year breakeven inflation rate bottomed out at 6.02% this morning before recovering to 6.06% in sync with a bounce in bond yields.
  • Eskom said it appreciates NERSA's decision to raise electricity tariffs by 18.65% this year. The decision came under criticism for its impact on consumers and businesses, even as the power utility requested a notably higher tariff increase.
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