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Rand Ticks Lower, Looks For Local Catalysts

ZAR

Spot USD/ZAR has edged higher today, breaking above the 18.00 mark. The uptick was in sync with a move in the BBDXY, which edged higher as flash French and German PMIs missed expectations. South African headline flow provided little in the way of fresh insights, leaving the rand exposed to external factors, with participants reflecting on last week's SARB monetary policy decision.

  • USD/ZAR operates at 18.0311, up 710 pips on the session. The 50-EMA provides the initial layer of resistance at 18.5002. On the flip side, bears look for losses past Jul 20 low of 17.7370 and towards Mar 31 low of 17.6993.
  • The composite BBG Commodity Index has added ~0.2% so far, with the precious metals index last seen ~0.3% worse off.
  • SAGB yields have ticked lower this morning, with South Africa's 10-year breakeven inflation rate down 6pp to 6.40%.
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