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Rand Slips, Electricity Minister Comments On Energy Situation

ZAR

Spot USD/ZAR has edged higher and last deals at 19.3970, up almost 1,000 pips on the day. From a technical perspective, a clearance of Oct 6 high of 19.6399 would bring Jun 1 high of 19.9204 into view. On the flip side, bears see Sep 20 low of 18.6825 as their initial target.

  • The aggregate BBG Commodity Index gapped higher at the open and last sits ~1.2% above neutral levels, while precious metals are ~0.8% better off. The commodity complex has been influenced by tensions in the Middle East.
  • SAGB yields are slightly higher across the curve, with South Africa's 10-year breakeven inflation rate last seen at 7.19%.
  • Electricity Minister Kgosientsho Ramokgopa is discussing the implementation of the national Energy Action Plan. Click here to watch his media briefing.
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