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Rand Weakens, Absa M'fing PMI Eyed


Spot USD/ZAR has edged higher and last sits at 17.9300, up 820 pips. The upswing was facilitated by broader greenback strength, with the BBDXY index hitting its best levels since Jul 11. From a technical viewpoint, bulls keep an eye on the 20-EMA, which kicks in at 18.0298. On the flip side, bears see Jul 27 low of 17.4193 as their initial target.

  • The aggregate BBG Commodity Index has slipped and last sits ~0.2% below neutral levels. The precious metals subindex has shed ~0.9% today.
  • SAGB yields have crept higher this morning, with South Africa's 10-year breakeven inflation rate climbing to 6.50%.
  • South Africa's Absa Manufacturing PMI for the month of July will be published at 10:00CEST/11:00SAST.

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