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ZAR: Rand Snaps Three-Day Winning Streak But USD/ZAR Stays Below 19.0

ZAR
EM BulletBulletEmerging Market News

Spot USD/ZAR trades at 18.8428, around 600 pips higher on the session. A return above 19.0 would allow bulls to target Jan 13 high of 19.2296 in attempt to extend the recent uptrend. On the flip side, losses past Jan 6 low of 18.4323 would suggest that the pair has become top-heavy and might be on track for correction.

  • Bloomberg quoted Finance Minister Enoch Godongwana as saying that "there are significant upside risks to growth in the final quarter, including faster-than-anticipated easing of inflationary pressures, improved electricity reliability, and the stimulus effect of the withdrawals of the two-pot retirement system."
  • SAGBs have given away initial gains and yields now sit above neutral levels across the curve. South Africa's 5-year breakeven inflation rate is at 4.45%, staying below the SARB's target mid-point of +4.5% Y/Y. The 10-year rate is at 5.59%.
  • The composite BBG Commodity Index has slipped by 0.1% after yesterday's upswing. Meanwhile, the precious metals subindex has added 0.6% so far.
  • South Africa's electricity consumption/production data will cross the wires at 11:00GMT/13:00SAST.
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Spot USD/ZAR trades at 18.8428, around 600 pips higher on the session. A return above 19.0 would allow bulls to target Jan 13 high of 19.2296 in attempt to extend the recent uptrend. On the flip side, losses past Jan 6 low of 18.4323 would suggest that the pair has become top-heavy and might be on track for correction.

  • Bloomberg quoted Finance Minister Enoch Godongwana as saying that "there are significant upside risks to growth in the final quarter, including faster-than-anticipated easing of inflationary pressures, improved electricity reliability, and the stimulus effect of the withdrawals of the two-pot retirement system."
  • SAGBs have given away initial gains and yields now sit above neutral levels across the curve. South Africa's 5-year breakeven inflation rate is at 4.45%, staying below the SARB's target mid-point of +4.5% Y/Y. The 10-year rate is at 5.59%.
  • The composite BBG Commodity Index has slipped by 0.1% after yesterday's upswing. Meanwhile, the precious metals subindex has added 0.6% so far.
  • South Africa's electricity consumption/production data will cross the wires at 11:00GMT/13:00SAST.