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Rand Rallies Again With Fed Decision In Rear-View Mirror

ZAR

USD/ZAR resumes its sell-off as risks associated with the Fed monetary policy meeting are out of the way, after Chair Powell et al. delivered the expected 25bp rate hike. The rate has dipped through the 17.5 figure and now trades -1,710 pips at 17.4437, testing the water below 17.4514, the 76.4% retracement of the Jan - Jun rally. The next target on the downside is Feb 2 low of 16.9317. Conversely, bulls look for a move through the 50-EMA at 18.3806.

  • SAGBs are firmer across the curve, with 10-year breakeven inflation rate easing to 6.30%, its lowest point since April 14.
  • The aggregate BBG Commodity Index sits ~0.5% higher on the day, with the precious metals subindex up ~0.4%.
  • South Africa's June PPI data will cross the wires at the bottom of the hour. Factory-gate inflation may have cooled to +5.8% Y/Y from +7.3%, according to a Bloomberg poll of economists.
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