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Rand Weakens Ahead Of SARB Policy Announcement

ZAR

The Rand has softened in the lead-up to the SARB's post-MPC presser due to begin at the top of the hour. It is the second-worst performer in EMEA space, with only the HUF faring worse, owing to uncertainty surrounding Hungary's talks with the EU over rule-of-law concerns.

  • South African gov't bond yields sit 9.8-13.0bp lower across the curve as we type. 10-year breakeven inflation rate has moved away from session/three-month lows and is last at 6.09%.
  • The FTSE/JSE Africa Top40 Index operates near intraday highs, struggling to stage a clean break above last week's best levels to print new seven-month highs.
  • USD/ZAR trades at ZAR17.0261, up nearly 600 pips on the day, with familiar technical contours still in play. The rate trades close to its best levels of the session.
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