BOC SAYS DOESN'T NEED TO ALTER PATH OF QT RIGHT NOW

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Rand Stays Weak As Commodity Complex Softens

ZAR

USD/ZAR topped out at ZAR16.9279 and stabilised just shy of that level to last trade at ZAR16.8700, up 1,165 pips on the session.

  • The aggregate Bloomberg Commodity Index has reversed earlier gains and sits ~0.1% below neutral levels, albeit the precious metals subindex remains ~0.2% better off.
  • Local-currency bond yield curve has bear steepened, with 10-year breakeven inflation rate last operating at 6.11%.
  • South Africa's Energy Minister Mantashe said that the nation's power crisis could be resolved within 6-12 months "if we pay attention to that."
  • At the ANC's recent conference, the ruling party resolved that Eskom should be taken away from the Public Enterprises Department and returned to the Energy Department.
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