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Rand Stabilises Ahead Of Domestic Data Releases

ZAR

Spot USD/ZAR stabilises after two-day sell-off and last changes hands at 18.8458, barely changed on the day. Bulls look for a rebound towards Oct 6 high of 19.6399, while bears eye support from Sep 20 low of 18.6825.

  • The BBG Commodity Index has added 0.3%, with the precious metals subindex up 0.4%. SAGB curve has flattened and yields are slightly lower, with 10-year breakeven inflation rate easing to 7.00% for the first time since September 21.
  • The rand may have been supported earlier this week by hopes for fresh stimulus out of China amid speculation that Beijing could roll out more support for the domestic stock market and issue more sovereign debt to fund infrastructure spending.
  • South Africa's September SACCI Business Confidence and August mining production data will cross the wires at 10:30BST/11:30SAST. Manufacturing output data will be released at 12:00BST/13:00SAST.
  • Elsewhere, US CPI data will take focus at 13:30BST/14:30SAST, with participants trying to figure out the implications for SARB rate path.
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