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Rand Trims Losses Alongside Commodity Complex, Eskom Presser Underway

ZAR

South African Rand regains some composure, with USD/ZAR pulling back from highs, even as the BBDXY index remains stable near its best levels of the session. At typing, USD/ZAR trades +933 pips at ZAR17.2610.

  • The reduction in USD/ZAR gains has occurred in sync with recovery in the BBG Commodity Index, which has now trimmed its intraday loss to ~0.3% (albeit the precious metals subindex remains weak).
  • Local-currency bond yields have faltered across the curve amid a spell of renewed appetite for South African assets. Benchmark 10-year yield is yet to re-test monthly lows printed yesterday.
  • South African officials are holding a press briefing following the resignation of Eskom CEO De Ruyter. The utility's chairman Makwana said that Eskom has a draft plan to end rolling blackouts, without providing much detail.
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