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Rand Remains On Back Foot, Recovery In Commodity Space Stalls

ZAR

Spot USD/ZAR remains afloat and the Rand underperforms all its EMEA peers, with the rate last seen at ZAR18.1353, up 275 pips on the day. Familiar technical levels remain in play.

  • Recovery in the commodity space has lost steam and the composite BBG Commodity Index has moved away from best levels and the precious metals subindex has returned towards its worst levels of the session.
  • Local-currency bonds have continued to lose ground as curve runs flatter. South Africa's 10-year breakeven inflation rate sits at a multi-month high of 6.54%.
  • The focus remains on the local energy situation, with Eskom escalating load-shedding as officials are trying to hammer out a plan to alleviate the electricity crisis.
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