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Rand Slips Ahead Of Cabinet Reshuffle

ZAR

Spot USD/ZAR has edged higher and last deals at ZAR18.2195, up ~780 pips on the session, amid weakness in commodity-tied FX space. A break above Feb 28 high of ZAR18.5147 would shift bullish focus firmly to key resistance from Oct 13 high of ZAR18.5815. On the flip side, bears initially look for a sell-off towards the 20-EMA at ZAR18.0406.

  • The composite BBG Commodity Index has shed ~0.9% today after China unveiled a more conservative economic growth outlook for this year than forecast. That being said, the precious metals subindex remains afloat, last ~0.3% better off on the day.
  • South African local-currency bonds have strengthened, with yields stabilising just above session lows. The 10-year breakeven inflation rate has eased to 6.20%.
  • President Cyril Ramaphosa will announce a Cabinet reshuffle at 19:00 local time.
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