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Rand Slightly Weaker Ahead Of Ramaphosa Comments

ZAR

Spot USD/ZAR has edged higher and last deals at ZAR18.0693, up ~380 pips on the day. A break above yesterday's high/76.4% retracement of the Oct 13 - Jan 12 downleg at ZAR18.1363/18.1024 would reaffirm the underlying bullish theme. Bears look for a dip through Feb 14 low of ZAR17.6431 and towards key support from Feb 2 low of ZAR16.9317.

  • Local-currency bond yields are stabilising 5.9-6.0bp lower across the curve. South Africa's 10-year breakeven inflation rate has slipped to 6.10%.
  • The FTSE/JSE Africa All Share Index has added ~1.3% thus far as local equities find poise after a consolidation phase. The all-time high of 81,338 draws bullish attention.
  • The BBG Commodity Index and the precious metals subindex sit slightly above neutral levels, albeit off best levels.
  • President Cyril Ramaphosa will comment on the parliamentary debate on his recent SONA later today.
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