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Rand Loses Shine Ahead Of SARB Monetary Policy Decision

ZAR

Spot USD/ZAR ticks higher while staying comfortably within the confines of yesterday's range. The pair last deals at 18.9046 and a clearance of Jan 22 high of 19.2180 is needed to expose Oct 26 high of 19.2710. On the flip side, bears keep an eye on Jan 12 low of 18.5385.

  • StatsSA will release December PPI data ahead of the SARB's rate decision due later in the day. Factory-gate inflation may have cooled to +4.3% Y/Y from +4.6% prior, after data yesterday showed that CPI eased to +5.1% Y/Y from +5.5%. The SARB's decision will be announced during a press conference starting at 13:00GMT/15:00SAST.
  • The BBG Commodity Index has added 0.3%, gaining for the fourth consecutive day. However, the precious metals subindex is marginally weaker on the day.
  • SAGB yields are slightly firmer, with 10-year breakeven inflation rate a tad higher at 6.32%.
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