Rand Oscillates, Eskom Headlines In Focus

Spot USD/ZAR has struggled to pick up bullish momentum on the back of a completion of a double-bottom pattern last week. The rate has been flirting with the pattern's neckline since then, coming under some mild pressure over the past few days. It last deals at 18.7911, little changed on the day. The initial layer of resistance is provided by Oct 26 high of 19.2710, while bears look for losses towards Nov 15 low of 18.1117.

• Eskom is alternating between Stages 3 and 4 of loadshedding after implementing Stage 6 power cuts for the better part of the weekend. Electricity Minister Ramokgopa denied accusations that the systems were on the verge of collapse on Friday and expressed optimism about the outlook for the coming months. Separately, S&P upgraded Eskom's credit rating by two notches, offering some reprieve to the beleaguered utility.
• SAGB yields are a tad higher across the curve, with 10-year breakeven inflation rate slipping to 6.77%. The BBG Commodity Index has shed 0.3%, but precious metals shot higher by around 1%.