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Rand Loses Steam After Yesterday's Rally

ZAR

Spot USD/ZAR has edged higher and last deals at 18.8490, with the rand losing shine after yesterday's bull run. Technically, a break above Feb 5 high of 19.1066 would bring Jan 22 high of 19.2180 into view. Bears look for a dip through Feb 2 low of 18.5578 towards Dec 15 low of 18.1092.

  • The composite BBG Commodity Index is little changed, while the precious metals subindex has shed 0.1%. SAGB yields are slightly lower across the curve, with 10-year breakeven inflation rate last seen at 6.36%.
  • Eskom announced a temporary implementation of Stage 1 loadshedding until 12:00GMT/14:00SAST, after which power cuts will return to Stage 2 until further notice.
  • All three turnout scenarios in the latest Ipsos opinion poll showed that the ruling ANC party would fall short of outright majority and would have to find a coalition partner.
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