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Rand Loses Steam, Kganyago Speaks In Parliament

ZAR

USD/ZAR trades on a firmer footing today, last at 18.5830. A familiar technical picture remains in play, with bulls looking for a rally towards 19.3301, the 76.4% retracement of the Jun 1 - Jul 27 sell-off. Bears eye Aug 2 low of 18.2582 for initial support.

  • SAGB yields are slightly higher across the curve, with 10-year breakeven inflation rate last seen at 6.57%.
  • The BBG Commodity Index is virtually unchanged on the day, while precious metals have softened at the margin.
  • SARB Governor Lesetja Kganyago said that the central bank sees inflation returning to the mid-point over the medium term.
  • Chinese PMI data will be under scrutiny later this week, with official figures coming up tomorrow and Caixin Manufactuiting PMI due Friday.
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