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ZAR: Rand Treads Water, Shrugs Off Loadshedding Flare-Up

ZAR
EM BulletBulletEmerging Market News

Spot USD/ZAR trades flat at 18.3792, with the greenback trading on a marginally softer footing (BBDXY -0.1%). A clean, sustained breach of Jan 24 low of 18.3022 would reinstate the recent bear cycle, while bulls look for a rebound towards Jan 13 high of 19.2296.

  • Eskom reduced loadshedding to Stage 4 overnight from Stage 6 previously after the successful recovery of five generation units at Majuba, two at Camden and one at Medupi out of ten units that had tripped during the weekend. Energy and Electricity Minister Ramokgopa said he expected electricity supply to stabilise by the end of this week and brushed away speculation of potential sabotage.
  • SAGB yields have edged lower across the curve. South Africa's 5-year and 10-year breakeven inflation rates last sit at 4.66% and 5.72%.
  • The composite BBG Commodity Index has shed 0.6%, with the precious metals subindex inching 0.2% higher. Gold trades ~$11.5/oz. better off.
  • The cabinet will convene this afternoon for what may be one of a series of meetings to discuss the delayed budget.
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Spot USD/ZAR trades flat at 18.3792, with the greenback trading on a marginally softer footing (BBDXY -0.1%). A clean, sustained breach of Jan 24 low of 18.3022 would reinstate the recent bear cycle, while bulls look for a rebound towards Jan 13 high of 19.2296.

  • Eskom reduced loadshedding to Stage 4 overnight from Stage 6 previously after the successful recovery of five generation units at Majuba, two at Camden and one at Medupi out of ten units that had tripped during the weekend. Energy and Electricity Minister Ramokgopa said he expected electricity supply to stabilise by the end of this week and brushed away speculation of potential sabotage.
  • SAGB yields have edged lower across the curve. South Africa's 5-year and 10-year breakeven inflation rates last sit at 4.66% and 5.72%.
  • The composite BBG Commodity Index has shed 0.6%, with the precious metals subindex inching 0.2% higher. Gold trades ~$11.5/oz. better off.
  • The cabinet will convene this afternoon for what may be one of a series of meetings to discuss the delayed budget.