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Rand Slips Ahead Of Release Of Budget Data

ZAR

Spot USD/ZAR has edged higher in sympathy with the BBDXY Index. The pair last deals at 18.8482, a touch higher on the session, with bulls eyeing resistance from Jan 22 high of 19.2180. On the flip side, bears look for losses towards Jan 12 low of 18.5385.

  • SAGB yields sit slightly lower across the curve, with 10-year breakeven inflation rate ticking lower to 6.30%. The metric has been relatively stable around its current levels over the past three weeks or so, moving to a consolidation phase after the earlier downtrend.
  • The BBG Commodity Index shot higher and is 0.5% better off, as is the precious metals subindex.
  • South Africa's M3 money supply and private sector credit grew more than forecast in December, according to data from the SARB.
  • The focus turns to South Africa's monthly budget balance, due for release at 12:00GMT/13:00SAST.
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