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Rand Trims Gains But Remains On Front Foot

ZAR

USD/ZAR ticks away from session lows amid partial recovery in the BBDXY index. The rate changes hands at ZAR18.3548, some 530 pips lower on the day, struggling to test the prior trading day's extremes.

  • Commodity-tied currencies are showing strength today, with the likes of AUD, NZD, CAD, NOK or RUB trading on a firmer footing. The BBG Commodity Index is up ~0.9% but the precious metals subindex sits just ~0.1% higher, with gold operating ~$6.2/oz. above neutral levels.
  • Local-currency bond yields have continued to creep higher. South Africa's 10-year breakeven inflation rate has now climbed to 6.60%.
  • South Africa's Treasury said that the country will likely miss its primary budget surplus target for FY2023 by ZAR8.2bn as revenue collections missed initial estimates.
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