MNI China Daily Summary: Friday, November 29

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Rand Returns to Flat Having Tested Yesterday’s High

ZAR
USDZAR fully reversed its losses from earlier in the session following the US data, rising to as high as 19.6399 and closely matching yesterday’s highs as US tsy yields reached levels not seen since 2007. However, the pair has since pulled back from its intraday highs, coinciding with the slight pullback in the DXY index, and is now roughly flat on the day. The Bloomberg Precious Commodity index is up ~0.3% and is potentially providing a tailwind to commodity-tied currencies - the rand is among the strongest performers in the EMEA space.
  • The technical trend outlook in USDZAR is unchanged and bullish. Earlier in the week, the pair traded through resistance at 19.3368, the Sep 6 high and short-term bull trigger, signalling scope for a climb towards 19.9204, the all-time high printed on Jun 1.
  • Yields on SAGBs are down 3-9bps across the curve compared to higher yields seen in both CEE government bonds and global core FI. Meanwhile, the JALSH equity index is up 0.40%, broadly in-line with the performance of EM equity indices.
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