Rand Stabilises After Wednesday's Rally

Spot USD/ZAR is relatively stable in the wake of a sharp sell-off Wednesday, which was amplified by the Fed's monetary policy decision. The pair has now ticked away from post-Fed lows, with South African markets closed for a public holiday. When this is being typed, the rate sits at 18.7354.

• From a technical perspective, a move through Mar 19 high of 19.0313 would bring Feb 23 high of 19.3899 into play. Conversely, bears keep an eye on Mar 13 low of 18.5066, followed by Dec 29 low of 18.2550.
• The composite BBG Commodity Index sits 0.7% higher on the day, despite trimming some of its initial gains. Precious metals are 2.1% higher on the session, with the relevant subindex hitting new cyclical highs today.
• Eskom suspended loadshedding until further notice, while Electricity Minister Ramokgopa attributed recent setbacks to increased maintenance work, which was devoted to building a solid buffer ahead of the winter season and should allow for less severe power cuts in the future.
• Participants may use the holiday to mull recent inflation data. The next release of note are Q4 non-farm payrolls, which will hit the wires on the eve of the SARB's rate decision, due next Wednesday.