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Rand Trims Losses In Reaction To US Data

ZAR

The rand got some reprieve on the release of weaker-than-expected US data, with USD/ZAR trimming its earlier gains as a result. The pair last deals at 18.4995, nearly 200 pips above neutral levels.

  • The rand came under pressure in the European morning, which may have been linked to the release of South Africa's budget data, which revealed the widest fiscal deficit on record. Expenditures exceeded revenue by ZAR143.8bn in July, while consensus expected a ZAR115.5bn gap. This exacerbated concerns about the nation's fiscal condition, even as seasonal factors typically boost spending figures in July.
  • SAGB yields reduced earlier gains after the publication of US data but the curve remains steeper and higher on the day.
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