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Rand Poorest Currency in EMEA Space Again Tuesday

ZAR
The rand is once again among the poorest performers in the EMEA space today, with USDZAR up 0.30% at typing and close to its highest levels since June. As well as the extension of gains in the USD index, the Bloomberg precious metals sub-index has shed 6.5% since the beginning of last week, providing an additional headwind to the local currency. Cementing the market concern over gold prices, 1-week implied volatility has risen to its highest levels since June as spot has declined - further undermining ZAR and precious metal-tied currencies.
  • This week’s gains reinforce current technical conditions with the pair having pierced resistance at 19.3368, the Sep 6 high and short-term bull trigger. This confirms a resumption of the uptrend that started Jul 27 and signals scope for a climb towards 19.50 and 19.9204, the Jun 1 high.
  • Yields on SAGBs are up 4-7bps across the curve, following the trend seen across global core yields, while the nation’s benchmark equity index has extended yesterday’s losses and is down a further 0.25% today – putting the index at its lowest level since November 2022.
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