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Rand Oscillates Around Neutral Levels

ZAR

Spot USD/ZAR has faded its initial uptick, holding a fairly tight range in the process. The pair last deals at 18.6511, fluctuating around unchanged levels. Bulls look for a clean break above the nearby 50-DMA (18.8218), while bears keep an eye on Jun 16 low of 18.1250, followed by the 18.00 figure.

  • Commenting on the SARB's updated Quarterly Projection Model (QPM), JP Morgan assessed that it is not necessarily more hawkish, but has swifter initial policy reaction to inflation shocks.
  • SAGBs have reversed their earlier losses, with 10-year breakeven inflation rate easing to 6.48%, its lowest point since May 4.
  • Precious metals are slightly softer on the day (-0.3%), even as the composite BBG Commodity Index is little changed.
  • South Africa's consumer confidence index fell to -25 in Q2 from -23 prior, according to the latest report from the Bureau of Economic Research.
  • Looking ahead, May PPI figures will cross the wires at 10:30BST/11:30SAST.
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