Rand Remains On Front Foot

Spot USD/ZAR cleared support from Feb 21 low of 18.7622 on the extension of its current losing streak, which has seen it shed 3.8% from its February peak until the moment when this is being typed. Recent losses have been facilitated by wider greenback weakness. The pair deals at 18.6694, with some modest selling pressure still evident. Bears now look for a sell-off toards 18.5578, the low print of Feb 2. Bulls keep an eye on Feb 23 high of 19.3899.

• SAGB yields are little changed and 10-year breakeven inflation rate sits at 6.40% (unch.), with the Treasurye set to offer ZAR1bn of linkers at an auction today. Elsewhere, the commodity space is slightly firmer while precious metals have added 0.4% this morning, extending a sharp multi-day rally.
• The deadline for submitting candidate lists for the upcoming national and provincial elections is today. The Daily Maverick reported that the ANC's NEC yesterday decided against removing several senior members having adverse findings against their conduct in the so-called State Capture inquiry from its lists - albeit the party's national officials will have the final say. Separately, Public Enterprises Minister Pravin Gordhan announced his intention to resign from politics after the elections.