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Rand Loses Ground, Lags Behind EMEA Peers

ZAR

Spot USD/ZAR snaps a three-day losing streak and last changes hands at 18.9274, just over 400 pips higher on the session. Bulls look for gains past Feb 14/Jan 22 highs of 19.1912/19.2180, while bears see Feb 2/Jan 12 lows of 18.5578/18.5385 as their initial target.

  • SAGB yields are a touch higher across the curve, with 10-year breakeven inflation rate last seen at 6.43%. The composite BBG Commodity Index has added 0.7%, with the precious metals subindex up 0.9% at typing.
  • SARB Governor Kganyago reaffirmed his familiar hawkish views, noting that "the job of taming inflation is not yet done." Separately, Mampho Modise has been rumoured to be the Treasury's preferred candidate for SARB Deputy Governor.
  • Eskom will alternate between no loadshedding and Stage 2 power cuts until further notice as the situation improves after last week's flare-up in outages.
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