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Rand Ticks Away From Worst Levels, S. Africa's Jobless Rate Edges Lower


Spot USD/ZAR has moved away from session highs after topping out just shy of 19.30 and last changes hands at 19.2119, almost 1,300 pips above neutral levels.

  • South Africa's unemployment rate fell to 32.6% in Q2 from 32.9% prior, printing below the 32.8% median estimate in a Bloomberg survey and reaching the lowest level in two years. Construction and trade sectors added the most jobs, while the largest declines in employment were recorded in finance and manufacturing.
  • SAGB yields remain elevated, with 10-year breakeven inflation rate last seen at 6.79%, a new one-month high.
  • The BBG Commodity Index has extended losses and is ~0.7% worse off. The precious metals subindex sits ~0.6% lower, consolidating earlier losses.

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