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Rand Sits Just Above Neutral Levels

ZAR

Spot USD/ZAR changes hands at 18.1939, just a touch lower on the day. Bears see Dec 15 low of 18.1092 as their initial target, followed by the round figure of 18.0. Bulls look for a rebound above the 20-EMA, which intersects at 18.4651.

  • The composite BBG Commodity Index has shed 0.4%, with the precious metals index down 0.9% on the session, as both correct yesterday's advances. Gold last deals ~$5.7/oz. below neutral levels.
  • SAGB yields have pulled back from highs but still sit marginally higher on the day. South Africa's 10-year breakeven inflation rate operates at 6.56%. The National Treasury will hold a bond auction today.
  • South Africa's leading index fell to 110.4 in March from the revised 112.5 recorded in April.
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