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Rand Recoups Initial Losses, South Africa's M'fing Output Beats Forecasts

ZAR

Spot USD/ZAR has reversed its earlier losses and last deals at ZAR18.1796, now slightly below neutral levels. A pullback in the BBDXY index coupled with better than forecast local industrial production data have applied pressure to the pair, with bears looking to force their way through Mar 3 low of ZAR18.0825.

  • South Africa's manufacturing output shrank 3.7% Y/Y in January after a revised 4.5% decline in December. The annual contraction was smaller than the expected 5.2% amid a surprise 1.1% M/M expansion. The sector remains under pressure as South Africa's energy crisis continues.
  • This concludes local data releases for today, with January retail sales figures coming up tomorrow.
  • The aggregate BBG Commodity Index has ticked oved away from lows, albeit the precious metals index continues to operate near the session's worst levels.
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