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Rand Slightly Weaker After SARB Decision

ZAR

USD/ZAR has now reversed its initial losses, moving in sync with the BBDXY index. The rand has traded in a relatively narrow range, with USD/ZAR last seen at 17.9642, almost 400 pips higher on the day. The 50-EMA provides the initial layer of resistance at 18.5191. On the flip side, bears look for renewed sales towards Mar 31 low of 17.6993.

  • The dust settles after yesterday's SARB monetary policy decision, which saw the central bank keep interest rates unchanged, wrong-footing some analysts (consensus was looking for a 25bp hike but most saw the decision as a close call). The SARB said that it stands ready to react if upside risks to the inflation outlook materialise.
  • The aggregate BBG Commodity Index has unwound its modest opening gains. The precious metals subindex has entered negative territory and sits ~0.3% below neutral levels.
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