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Rand Recovers, Q1 GDP Eyed

SOUTH AFRICA
  • The rand has now reversed the entirety of losses registered on the back of the SARB's monetary policy decision last month and spot USD/ZAR trades at ZAR19.2206 as we type as risk reversals have pulled back from cyclical highs. Still, the pair continues to trade above levels seen before the outbreak of a diplomatic scandal surrounding Russian cargo ship Lady R.
  • BusinessDay reports that Eskom has spend almost ZAR8bn on diesel used for emergency power generation in April and May, which puts it on track to exceed this fiscal year its expenditures in the previous two years. The utility uses diesel-power open-cycle gas turbines to compensate for capacity shortages when coal-fired power stations break down or are offline for maintenance.
  • South Africa's Q1 GDP data will cross the wires at 10:30BST/11:30SAST. The economy may have expanded by 0.1% Y/Y, according to the median estimate in a Bloomberg survey.
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