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Rand Reverses Losses On Better Sentiment, Easing Power Outages

ZAR

Better risk sentiment and some reprieve in South Africa's energy crisis have dragged spot USD/ZAR into negative territory, albeit fresh gains for the Rand are insufficient to erase its weekly loss, the largest among EMEA currencies.

  • USD/ZAR last deals at ZAR17.1790, down ~975 pips on the day, which puts it on track for snapping a five-day winning streak. A familiar technical picture remains intact.
  • Eskom announced that Stage 4 load-shedding will be maintained for this and tomorrow evenings, before a de-escalation to Stage 3 on Saturday and to Stage 2 on Sunday.
  • The SARB announced consultation on market conventions for derivative products using the new South African Rand Overnight Index Average (ZARONIA) that is due to replace the Johannesburg Interbank Average Rate (JIBAR).
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