Free Trial

Rand Tad Softer, SARB MPR Awaited


Spot USD/ZAR operates slightly above neutral levels, last at 18.8069. A break above Oct 6 high of 19.6399 would support the bullish case, while bears eye Sep 20 low of 18.6825 for initial support.

  • SAGB yields have inched higher, with South Africa's 10-year breakeven inflation rate rising to 7.06%. The composite BBG Commodity Index has edged lower, while the precious metals subindex little changed on the day.
  • Local reports suggest that there is growing backlash from ruling ANC party leadership against Public Enterprises Minister Pravin Gordhan's handling of SOEs. Separately, Electricity Minister Kgosientsho Ramokgopa reaffirmed his optimism about the outlook for the energy situation.
  • South Africa's Automobile Association (AA) suggested that fuel prices are set to drop in November, giving consumers some reprieve. Their forecast is based on unaudited mid-month data from the Central Energy Fund (CEF).
  • The SARB will release its semiannual Monetary Policy Review this afternoon.

To read the full story



MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.