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Rand Treads Water Ahead Of Thursday's SARB Rate Decision

ZAR

USD/ZAR sticks to a very tight range this morning, last sitting just above neutral levels at ZAR18.1573. For bulls, a clearance of Mar 8 high of ZAR18.7192 would signal scope for a stronger rally. Meanwhile, bears look for a fall below Mar 23 low/trendline support/50-DMA at ZAR18.0173/17.9844/17.9576.

  • There is little in the way of meaningful cross-asset impetus. The commodity complex is steady, precious metals are just ~0.3% weaker on the day. Local-currency bond yield curve has slightly steepened.
  • The SARB will announce its monetary policy decision on Thursday alongside a press conference with Governor Kganyago. Our full preview can be found here.

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