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Rand Trims Losses, Precious Metals Tick Away From Lows

ZAR

USD/ZAR is giving away its earlier gains and last deals at ZAR18.1920, up ~290 pips on the session. The move is facilitated by a dissipation of broader greenback strength, albeit fresh losses in USD/ZAR have outpaced those in the BBDXY index. Reminder that South African CPI data released this morning topped expectations and fuelled hawkish SARB bets.

  • Local-currency bonds are 1.6-3.2bp cheaper, curve has flattened at the margin. South Africa's 10-year breakeven inflation rate sits at 6.48% after topping out at 6.50%, the highest level since January 3.
  • The aggregate BBG Commodity Index has shed ~1.3% today, with the precious metals subindex down ~1.2%, despite slight recovery over the past hour or so. Spot gold sits ~$24/oz. below neutral levels.
  • SARB Dep Gov Rashad Cassim said that the central bank would prefer a period of transition from JIBAR to ZARONIA of less than five years, with market participants encouraged to actively transition to the new reference rate.
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