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Rand Trims Wednesday's Gains

ZAR

Spot USD/ZAR ticks away from yesterday's two-week lows printed on the back of firmer gold prices and better-than-expected South African tax collections in FY2023, as well as some weakness in the US dollar. The pair has added around 600 pips this morning to last sit at 18.8365.

  • From a technical perspective, a move through Mar 28 high of 19.1063 would bring key resistance from Feb 23 high of 19.3899 into play. Bears keep an eye on Mar 21 low of 18.6478, followed by Mar 13 low of 18.5066.
  • The BBG Commodity Index has added 0.3% today, which comes amid another leg higher for precious metals, with the relevant subindex up 0.8% on the day. Gold trades ~$8/oz. lower on the day, but after refreshing cyclical highs.
  • SAGB yields are off session lows but still operate marginally shy of neutral levels, with 10-year breakeven inflation rate last seen at 7.00%.
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