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Rand Posts Gains Amid Local Holiday

ZAR

Growth proxies trade on a firmer footing, with the ZAR sitting atop the EMEA pile as we type. Spot USD/ZAR trades at ZAR18.2747, down ~1,250 pips on the session, with liquidity thinned out by a public holiday in South Africa.

  • Familiar technical contours remain in play and a drop below the ZAR18.00 figure would open up key support from Mar 31 low of ZAR17.6993. On the flip side, bulls look for gains towards Mar 21 high of ZAR18.6132 and Mar 8 high of ZAR18.7192.
  • The aggregate BBG Commodity Index operates near neutral levels following as two-day streak of losses. The precious metals subindex trades 0.75% higher on the day, with spot gold flirting with the $2,000/oz. level.
  • The SCOPA said that it will ask Public Minister Gorhan and presidential Security Adviser Mufamadi to testify on Eskom corruption allegations next Wednesday.
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