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Rand Trades Sideways After Long Weekend

ZAR

The rand holds more or less steady today, respecting the previous trading day's extremes so far, as South Africa returns from a holiday-elongated weekend. Spot USD/ZAR trades at ZAR18.1961, up 94 pips on the session. From a technical standpoint, bulls look for gains past the 20-EMA at ZAR18.7968. Conversely, bears keep an eye on the round figure of ZAR18.00.

  • The positive reception of Sino-U.S. talks may have lent some support to the rand by bolstering optimism re: demand for South African commodities.
  • The composite BBG Commodity Index has added ~1.6% today, but the precious metals subindex has lodged more modest gains of ~0.2%.
  • President Ramaphosa struck optimistic notes re: his and other African leaders' recent visit to Ukraine and Russia, even as the talks yielded little in the way of tangible results.
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