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Rand Turns Bid Amid Positive Sentiment, Firmer Precious Metals

ZAR

Spot USD/ZAR has now given away yesterday's gains and last deals at ZAR18.2001, ~1,180 pips lower on the day, with bears looking for sales towards Mar 31 low of ZAR17.6993. Conversely, bulls eye a rebound above Mar 21 high of ZAR18.6132 and towards Mar 8 high of ZAR18.7192.

  • The Rand is likely drawing support from better-than expected quarterly GDP & monthly economic activity data released out of China overnight.
  • The aggregate BBG Commodity Index has added ~0.3% so far, the precious metals gauge is up ~0.5%, as spot gold has crept higher.
  • Local-currency bonds are firmer across the curve, with South Africa's 10-year breakeven inflation rate last seen at 6.42% versus yesterday's cyclical highs of 6.48%.
  • The local economic docket is empty, with participants awaiting March CPI figures, coming up tomorrow. The data will be closely watched given that the SARB is bent on getting inflation under control.
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