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Rand Pauses Recent Surge, Mining Output Data On Tap

ZAR

Spot USD/ZAR snaps an eight-day losing streak and last operates at ZAR18.6530, up ~830 pips on the day. Bulls need a rally above Jun 1 high of ZAR19.9204 to regain the upper hand. Conversely, bears keep an eye on the ZAR18.50 figure, followed by a couple of intraday lows located near the ZAR18.00 level.

  • Local-currency bonds are slightly weaker across the curve, losing shine after recent gains. The aggregate BBG Commodity Index sits ~0.6% above neutral levels, with the precious metals subindex up ~0.5% on the session.
  • The Presidency brushed away speculation that South Africa could be targeted by sanctions over its Russia stance and said that as of now, the upcoming BRICS summit is still happening in South Africa.
  • South Africa's mining output will be published later today.
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