Rand Slightly Firmer, Ramaphosa Delays Cabinet Rejig

Spot USD/ZAR has slipped as the greenback is showing some weakness, while South African data turned out better than expected. The rate last deals at ZAR18.1901, a tad lower on the day, holding yesterday's range. Bears look for a sell-off past the 20-EMA at ZAR18.0264, while a clearance of resistance from Feb 28 high of ZAR18.5147 would expose Oct 13 high of ZAR18.5815.

• South Africa's S&P Global PMI improved to 50.5 last month from 48.7 prior, exceeding the 49.0 median estimate. This comes after data earlier this week showed that the country's Absa M'fing PMI dipped to 48.8 from 53.0 versus 50.2 expected.
• The composite BBG Commodity Index is ~0.2% better off as we type, while the precious metals subindex has added ~0.8%.
• Local-currency bond yields have faltered across the curve, with the 10-year breakeven inflation rate easing to 6.25%.
• Source reports have been doing the rounds in local media suggesting that President Ramaphosa postponed the announcement of a Cabinet reshuffle due to ill health. The reshuffle may take place as soon as on Sunday.