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ZAR: Rand Treads Water, Ramaphosa Downplays Political Crises

ZAR
EM BulletBulletEmerging Market News

USD/ZAR last deals at 18.3366, barely changed on the session. The pair operates in the vicinity of nearby support levels (Jan 24/Feb 14 lows of 18.3022/18.2995). Conversely, Jan 13 high of 19.2296 provides a key layer of resistance.

  • President Cyril Ramaphosa played down the significance of tensions with the US and the recent delay to the 2025 Budget and pledged to seek progress on both fronts. Separately, EU top diplomat Kaja Kallas told reporters in Johannesburg that the bloc will seek closer relations with South Africa.
  • SAGB yields have edged lower across the curve, with South Africa's 5-year and 10-year breakeven inflation rates ticking away from recent cyclical highs.
  • The aggregate BBG Commodity Index has slipped. The precious metals subindex has shed 0.8%, with gold changing hands ~$18.2/oz. lower.
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USD/ZAR last deals at 18.3366, barely changed on the session. The pair operates in the vicinity of nearby support levels (Jan 24/Feb 14 lows of 18.3022/18.2995). Conversely, Jan 13 high of 19.2296 provides a key layer of resistance.

  • President Cyril Ramaphosa played down the significance of tensions with the US and the recent delay to the 2025 Budget and pledged to seek progress on both fronts. Separately, EU top diplomat Kaja Kallas told reporters in Johannesburg that the bloc will seek closer relations with South Africa.
  • SAGB yields have edged lower across the curve, with South Africa's 5-year and 10-year breakeven inflation rates ticking away from recent cyclical highs.
  • The aggregate BBG Commodity Index has slipped. The precious metals subindex has shed 0.8%, with gold changing hands ~$18.2/oz. lower.