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Rand Ticks Away From Highs But Remains Best EMEA Performer

ZAR

Spot USD/ZAR has ticked away from session lows in sync with the BBDXY index, but still clings to the bulk of earlier losses, as the rand sits atop the EMEA pile. The rate last changes hands at 18.4930 and remains on track for the second straight day of losses.

  • ZAR sentiment has improved this month amid a shift in the perception of risks surrounding South Africa's energy situation, diplomatic relations and inflation dynamics. Power outages have proven less severe than expected, latest reports suggested that Russia's Putin might skip the upcoming BRICS summit, while below-forecast inflation readings raised hopes for a less aggressive SARB policy.
  • South Africa's non-farm jobs fell by 0.2% Q/Q in the three months through end-March, missing the +0.2% consensus forecast in a Bloomberg poll. The data had little impact on local assets, possibly due to its backward-looking nature.
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