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Japan Tokyo Jun Core CPI +2.1% Y/Y

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Rand Swings Back To Gain After Initial Downtick

ZAR

USD/ZAR round-tripped from a session high of 17.9824 but failed to test the 18.00 figure and returned into negative territory to last trade at 17.8140. A successful move through 18.00 would allow bulls to set their sights on the 20-EMA at 18.0790. On the flip side, bears look for losses through yesterday's low of 17.4193.

  • Citibank warned that the rand remains vulnerable to a sell-off due to macro issues including an expected current-account shortfall this year. They said that the currency "has seen large inflows as compared to the positioning 6 months ago and recently leveraged inflows have picked up."
  • South Africa's budget deficit of ZAR16.4bn recorded in May could have flipped into a surplus of ZAR18.5bn in June, according to a Bloomberg poll of economists. The data will cross the wires at 13:00BST/14:00SAST.
  • SARB Governor Kganyago's latest speech offered little in the way of fresh insights.
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