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ZAR: Rand Pares Earlier Downtick But Struggles Against Most EMEA Peers

ZAR
EM BulletBulletEmerging Market News

USD/ZAR has edged lower as the greenback trades on a slightly softer footing (BBDXY -0.3%). Still, the rand sits towards the bottom of the EMEA scoreboard. The pair last deals at 18.5625, with bulls looking for gains towards 19.0054, the Aug 5 high. Bears keep an eye on the 20-EMA (18.5060) and 50-EMA (18.2318).

  • The aggregate BBG Commodity Index operates 0.3% lower on the session, with the precious metals subindex last seen 0.4% higher. Gold changes hands ~$7.5/oz. above neutral levels.
  • SAGBs have given away their initial gains, with yields now sitting a tad above neutral levels.. South Africa's 10-year breakeven inflation rate has inched higher and sits at 5.38%.
  • Political tensions within the ANC and between the governing party and its various partners continue to simmer, as outlined in our morning summary.
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USD/ZAR has edged lower as the greenback trades on a slightly softer footing (BBDXY -0.3%). Still, the rand sits towards the bottom of the EMEA scoreboard. The pair last deals at 18.5625, with bulls looking for gains towards 19.0054, the Aug 5 high. Bears keep an eye on the 20-EMA (18.5060) and 50-EMA (18.2318).

  • The aggregate BBG Commodity Index operates 0.3% lower on the session, with the precious metals subindex last seen 0.4% higher. Gold changes hands ~$7.5/oz. above neutral levels.
  • SAGBs have given away their initial gains, with yields now sitting a tad above neutral levels.. South Africa's 10-year breakeven inflation rate has inched higher and sits at 5.38%.
  • Political tensions within the ANC and between the governing party and its various partners continue to simmer, as outlined in our morning summary.