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Rand Loses Shine Trimming Monday's Gains

ZAR

Spot USD/ZAR snapped a two-day winning streak and last deals at 18.9451, down ~1,200 pips on the session. Should the rate fall through Feb 2/Jan 12 lows of 18.5578/18.5385, bears could set their sights on Dec 15 low of 18.1092. Bulls see Jan 22 high of 19.2180 as their initial target.

  • The aggregate BBG Commodity Index has added 0.2%, with the precious metals subindex last seen 0.1% lower. SAGB yields are a tad higher, with 10-year breakeven inflation rate sitting at 6.40%, testing three-week highs.
  • South Africa's commodities lobby said that a record volume of coal was trucked to ports in 2023 as the freight-rail network deteriorated, calling for action by the government.
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