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ZAR: Rand Marginally Firmer, Ramaphosa To Speak In Parliament

ZAR
EM BulletBulletEmerging Market News

USD/ZAR trades on a softer footing as the greenback shows some weakness (BBDXY -0.2%), with global headline flow revolving around US President Trump's talks with his Russian and Ukrainian counterparts. The pair last deals at 18.4994, almost 300 pips worse off, with bears looking for a dip through Jan 24 low of 18.3022, while bullish focus falls on Jan 13 high of 19.2296.

  • President Ramaphosa will appear in parliament today to respond to the SONA debate that took place over the past two days. Local reporters noted that the debate revealed continued tensions and disagreements between GNU partners, despite their earlier suggestions that they managed to reach compromise over issues such as National Healath Insurance (NHI) legislation.
  • Domestic focus will slowly move to the upcoming 2025 Budget Speech, which will be delivered on February 19. PwC said that a conservative budget could have a positive impact on South Africa's credit ratings in the next 12-18 months.
  • SAGB yields sit marginally lower across the curve, despite bounding off lows. South Africa's 5-year and 10-year breakeven inflation rates sit at 4.48% and 5.59% respectively.
  • The aggregate BBG Commodity Index has inched higher by 0.2%; the precious metals subindex is 0.2% better off. Gold changes hands ~$7.7/oz. above neutral levels.
  • South African mining data will be published at 09:30GMT/11:30SAST.
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USD/ZAR trades on a softer footing as the greenback shows some weakness (BBDXY -0.2%), with global headline flow revolving around US President Trump's talks with his Russian and Ukrainian counterparts. The pair last deals at 18.4994, almost 300 pips worse off, with bears looking for a dip through Jan 24 low of 18.3022, while bullish focus falls on Jan 13 high of 19.2296.

  • President Ramaphosa will appear in parliament today to respond to the SONA debate that took place over the past two days. Local reporters noted that the debate revealed continued tensions and disagreements between GNU partners, despite their earlier suggestions that they managed to reach compromise over issues such as National Healath Insurance (NHI) legislation.
  • Domestic focus will slowly move to the upcoming 2025 Budget Speech, which will be delivered on February 19. PwC said that a conservative budget could have a positive impact on South Africa's credit ratings in the next 12-18 months.
  • SAGB yields sit marginally lower across the curve, despite bounding off lows. South Africa's 5-year and 10-year breakeven inflation rates sit at 4.48% and 5.59% respectively.
  • The aggregate BBG Commodity Index has inched higher by 0.2%; the precious metals subindex is 0.2% better off. Gold changes hands ~$7.7/oz. above neutral levels.
  • South African mining data will be published at 09:30GMT/11:30SAST.