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Rand Slips In Early Trade

ZAR

USD/ZAR trades at ZAR18.2812, down ~515 pips on the session. Should bears manage to force their way through the ZAR18.00 figure, they would set their sights on Mar 31 low of ZAR17.6993. Conversely, bulls look for gains towards Mar 21 high of ZAR18.6132 and Mar 8 high of ZAR18.7192.

  • The commodity space has stabilised after yesterday's weakness, with the aggregate BBG Commodity Index sitting ~0.4% higher on the day. The precious metals index operates ~0.2% above neutral levels.
  • Local-currency bond yields have eased off across the curve and 10-year breakeven inflation rate has pulled back from multi-month highs printed at 6.62% to last sit at 6.59%.
  • Reminder that former Eskom CEO Andre de Ruyter is currently testifying to a parliamentary committee on the alleged theft and corruption at the electricity utility.
  • South Africa's March PPI figures will cross the wires at 10:30BST/11:30SAST.
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