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Rand Loses Ground, Inflation Moderates In November

ZAR

Spot USD/ZAR has advanced amid wider greenback strength and last deals at 19.0410, up 740 pips on the session. Technically, bulls look for a move through Oct 26 high of 19.2710, while bears see Nov 15 low of 18.1117 as the key near-term support level.

  • From a cross-asset perspective, the aggregate BBG Commodity Index operates 0.3% shy of neutral levels, printing new cyclical lows, but the precious metals subindex treads water. SAGB yields keep close to unchanged levels, with 10-year breakeven inflation rate sitting at 6.58%.
  • South Africa's CPI inflation cooled to +5.5% Y/Y from +5.9% prior, printing marginally above the consensus forecast of +5.4%. Core inflation ticked higher to +4.5% Y/Y from +4.4% versus +4.4% expected. The headline figure was weighed on by a sharp decrease in fuel price growth.
  • The focus turns to October retail sales data, due for release at 11:00GMT/13:00SAST.
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