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Rand Tad Firmer Despite Softer Commodity Complex

ZAR

Spot USD/ZAR trades at ZAR17.1920, oscillating within a tight range around neutral levels, as it consolidates yesterday's gains.

  • From a technical standpoint, a break above Dec 16/13 highs of ZAR17.7243/17.7601 would expose the 61.8% retracement of the Nov 3 - 30 sell-off at ZAR17.9596. Bears look for a retreat past Nov 30 low of ZAR16.8980.
  • The aggregate BBG Commodity Index has shed 0.6% so far, with the precious metals subindex down ~1% at typing.
  • South Africa's 10-year breakeven inflation rate has edged higher to 6.34%, the highest point since Dec 19.

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