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Rand On Back Foot, Lags EMEA Peers

ZAR

Spot USD/ZAR last changes hands at 18.8365, just above 700 pips higher on the day, with bulls looking to clear resistance from Oct 26 high of 19.2710. On the flip side, bears see Nov 15 low of 18.1117 as their initial target.

  • The composite BBG Commodity Index has edged higher, adding 0.6% this morning. The precious metals subindex is little changed.
  • SAGB yields have ticked higher, with South Africa's 10-year breakeven inflation rate last seen at 6.45%.
  • The Cabinet may tap Dan Marokane to become the next Eskom CEO, ending an almost year-long search for Andre de Ruyter's successor.

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