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Rand Slips Alongside Precious Metals, Stays In Familiar Range

ZAR

Spot USD/ZAR remains stable within the confines of this week's range, last changing hands at 19.2321. Should bulls manage a break above Feb 23 high of 19.3899, they could set their sights on Oct 6 high of 19.6399. On the flip side, the initial target is provided by Feb 21 low of 18.7622.

  • The rand has failed to benefit from better-than-expected Chinese PMI data released overnight. Despite the positive surprises, the official gauge of manufacturing activity remained in contractionary territory.
  • The aggregate BBG Commodity Index sits 0.2% lower on the day, while the precious metals subindex has shed 0.4%, with gold last seen almost $5/oz. worse off.
  • SAGB yields are slightly higher across the curve, South Africa's 10-year breakeven inflation rate sits at 6.45%
  • Absa Manufacturing PMI will cross the wires at 09:00GMT/11:00SAST. The index may have improved to 46.5 in February from 43.6 prior, according to a Bloomberg survey.
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