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Rand Oscillates Around Neutral Levels, Fiscal Matters In Focus

ZAR

Spot USD/ZAR has been happy to hold a tight range this morning, last changing hands at 19.0170, barely changed on the day. The pair stabilises after yesterday's upswing, with bulls still eyeing a test of 19.3301, the 76.4% retracement of the Jun 1 - Jul 27 sell-off. Bears see Aug 24 low of 18.3805 as their initial target.

  • Fiscal matters are getting more attention in the lead-up to Finance Minister Godongwana's upcoming mini-budget, with South Africa under pressure to cut spending. This draws attention to an auction for inflation-linked bonds today, with the Treasury offering notes maturing in 2029, 2043 and 2058. SARB yields rose in early trade before largely retracing those moves.
  • China's monthly economic activity data released overnight were better than expected, providing evidence of the reaction to stimulus measures rolled out by the authorities. The data came out after the PBOC injected more cash into the system via its one-year MLF, a day after cutting the reserve requirement ratio.
  • The BBG Commodity Index sits marginally higher on the day, with the precious metals subindex adding 0.5% thus far.
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