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Rand Loses Shine In Morning Trade

ZAR

USD/ZAR is moving away from session lows printed this morning at ZAR17.2425 and last changes hands at ZAR17.4203, up ~660 pips on the day. A break above Dec 1 high of ZAR17.9596 would support the bullish case, while bears look for a fall through Dec 7 low of ZAR17.0617 and towards Nov 30 low of ZAR16.8980.

  • The Rand remains exposed to In its latest update this morning, Eskom said that it is "experiencing high volumes of outages due to prevailing storms" and "repairs will take longer than usual due to access problems."
  • Commenting on the Phala Phala saga to a SABC reporter, President Ramaphosa appeared calm and said that "there's no issue, there's no crisis." The National Assembly will vote on whether to launch impeachment proceedings tomorrow.
  • The BBG Commodity Index has added 0.6% so far, despite losing some altitude into the European morning. The precious metals index is slightly weaker on the day.
  • Coming up this week we have South Africa's CPI and retail sales (Wednesday), as well as non-farm payrolls (Thursday).
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