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Rand Tad Weaker After USD/ZAR Struggles To Pierce 18.55

ZAR

Spot USD/ZAR has struggled to break below the 18.55 figure on a couple attempts on Feb 2 and Mar 12. The pair last deals at 18.6886, a touch higher on the day, with bulls on the lookout for signs that Feb 23 high of 19.3899. Bears seek renewed losses past 18.55 and towards Dec 29 low of 18.2550.

  • SAGB yields are a tad higher, curve runs marginally steeper. South Africa's 10-year breakeven inflation rate has ticked higher and last sits at 6.52%.
  • The composite BCOM Index has added 0.3%. The precious metals subindex has regained poise after a sharp pullback yesterday and is little changed on the session.
  • SARB Governor Lesetja Kganyago expressed confidence that South Africa could be taken off FATF gray list by 202, "given the fixes we are implementing."
  • Kganyago also noted that interest rates need to stay "higher for longer" in order to stabilise inflation, even as this can "create stress."
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