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Rand Operates Near Neutral Levels, Loadshedding Suspension Extended

ZAR

Spot USD/ZAR has oscillated at the start to the week, trading a touch higher on the day as we type. The pair last deals at 18.3286, up ~170 pips, with bulls looking for a rally towards Dec 11 high of 19.1386. On the flip side, bears look for a sustained break under Nov 15 low of 18.1117, which would open up 17.9434, the 76.4% retracement of the Jul 27 - Oct 6 upleg.

  • Eskom announced that loadshedding will be suspended until Friday afternoon "due to consistent improvement in available generating capacity," extending the period of reprieve from crippling power cuts.
  • SAGB yields have faltered across the curve, amid a downtick in US Tsy curve, with South Africa's 10-year breakeven inflation rate last seen at 6.31%, the lowest point since Jul 27.
  • The aggregate BBG Commodity Index is little changed on the day, while the precious metals subindex has added 0.3%.
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