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Rand Steadies as Dollar Trades on Softer Footing

ZAR
USDZAR has steadied Thursday, trading 0.15% in the red at typing having risen ~2.4% over the prior 3 sessions. Key short-term resistance at 19.2978, the Aug 15 high, is still within close proximity. A clear break of this hurdle would open 19.9204, the Jun 1 high. Bloomberg’s precious metals index has shed over 3% this week and is at its lowest level since March – which has been providing an additional headwind to the rand. The weakness across precious metals and EM currencies plays further into the "higher for longer" theme currently dictating asset prices more broadly.
  • SAGB’s have extended the sell-off from earlier in the week which stemmed from the post-long weekend adjustment. Yields up 10-17bps across the curve, with 10y bond yields last dealing just below the 12.60% level and at a fresh all-time highs. The 10-year breakeven inflation rate has also climbed to a cycle high, last dealing at 7.40% which is its highest since 2016.
  • Looking ahead in South Africa, PPI data as well as payrolls data is on the docket tomorrow.
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