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Rand Strengthens Amid Continued Rally In S. African Stocks, Expansion In Gross Reserves

ZAR

Broad-based USD weakness has resulted in a downtick in USD/ZAR, with optimism surrounding China's post-COVID reopening lending support to risk assets. The pair last deals at ZAR17.0505, down 565 pips on the day, with bears looking for losses past Jan 4 low/200-DMA at ZAR16.7815/16.7798. Conversely, bulls initially keep an eye on last Friday's high of ZAR17.4343.

  • The commodity complex trades on a firmer footing, with the aggregate BBG Commodity Index last ~1.6% higher on the day. The precious metals subindex sits ~0.5% better off.
  • The FTSE/JSE Africa All Share Index has extended its recent surge printing fresh all-time highs at 78,551 today. The resumption of the rally in South Africa's benchmark stock index came after it closed in a bull market on Friday.
  • Also on a positive note, South Africa's gross reserves rose to a record high of $60.57bn last month, which should support investor confidence.
  • On the other hand, the weekend brought more negative news about Eskom, which said it would be alternating between Stage 3 & 4 load-shedding until further notice. Furthermore, the electricity utility told BBG that it has consumed its allocation of diesel that was supposed to last until end-March.
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