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Rand Sits Just Shy Of Neutral Levels, Eskom Aims To Reduce Power Outages By End-March

ZAR

Spot USD/ZAR trades at ZAR17.2062, a touch higher on the day, with some incremental reprieve on the Eskom front drawing attention ahead of tomorrow's SARB rate decision. From a technical standpoint, little has changed since yesterday. Bulls look to a move towards Jan 6 high of ZAR17.4343, while bears keep an eye on Jan 12 low of ZAR16.6950.

  • Eskom CEO Andre De Ruyter told the Standing Committee on Public Accounts (SCOPA) that the power utility could return 1,862MW to the grid by end-March, which would reduce rolling blackouts by about two stages. The aim is to add 6,000MW to the grid over the next 24 months, but this will require time, skills and investment.
  • The BBG Commodity Index is slightly weaker today, with the precious metals subindex also marginally below neutral levels.
  • Local-currency bonds have strengthened, with the yield curve bull flattening. South Africa's 10-year breakeven inflation rate has faltered to a new 11-month low of 5.88%.
  • The FTSE/JSE Africa All Share Index is ~0.3% better off but has not yet tested the all-time high printed yesterday at 80,648.
  • All eyes are on the SARB's monetary policy decision, with the announcement due at some point tomorrow (our preview can be accessed here). Consensus remains split between a 25bp and 50bp rate hike.
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Spot USD/ZAR trades at ZAR17.2062, a touch higher on the day, with some incremental reprieve on the Eskom front drawing attention ahead of tomorrow's SARB rate decision. From a technical standpoint, little has changed since yesterday. Bulls look to a move towards Jan 6 high of ZAR17.4343, while bears keep an eye on Jan 12 low of ZAR16.6950.

  • Eskom CEO Andre De Ruyter told the Standing Committee on Public Accounts (SCOPA) that the power utility could return 1,862MW to the grid by end-March, which would reduce rolling blackouts by about two stages. The aim is to add 6,000MW to the grid over the next 24 months, but this will require time, skills and investment.
  • The BBG Commodity Index is slightly weaker today, with the precious metals subindex also marginally below neutral levels.
  • Local-currency bonds have strengthened, with the yield curve bull flattening. South Africa's 10-year breakeven inflation rate has faltered to a new 11-month low of 5.88%.
  • The FTSE/JSE Africa All Share Index is ~0.3% better off but has not yet tested the all-time high printed yesterday at 80,648.
  • All eyes are on the SARB's monetary policy decision, with the announcement due at some point tomorrow (our preview can be accessed here). Consensus remains split between a 25bp and 50bp rate hike.