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Rand On Firmer Footing Amid Decent Performance Of Commodity Complex & Top40 Index

ZAR

USD/ZAR trades on a heavier footing, largely due to broad-based greenback underperformance amid positive risk tone. The pair deals at ZAR16.9494, down ~500 pips on the day, with bears setting their sights on Nov 24 low of ZAR16.9073, followed by key support from Aug 25 low of ZAR16.7102. Conversely, a clearance of recent highs in the ZAR17.1850-90 area would expose trendline support-turned-resistance at ZAR17.3524.

  • Firmer commodity complex is likely aiding the Rand, with the aggregate BBG Commodity Index last nearly 1% higher on the day. The precious metals subindex is ~0.7% better off at typing, with gold trading on a firmer footing.
  • FTSE/JSE Africa Top40 Index is posting decent gains today, rallying 1.8% to print fresh multi-month highs just above the 68,000 mark. The RSI has now moved into overbought territory again.
  • Political uncertainty may be preventing the Rand from larger gains, with an advisory panel set to release its report on whether there are grounds for launching impeachment proceedings against President Ramaphosa. The report has been handed to parliament speaker this morning.
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