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BOC CUTS RATE 50BPS TO 3.25%, SEES GRADUAL APPROACH FROM HERE

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Rand Weakens Amid Negative Market Sentiment, Underperforms EMEA Peers

ZAR

Spot USD/ZAR gains for the third consecutive day and last operates at 19.1120, almost 1,200 pips higher on the session, with bulls looking for another test of Oct 6 high of 19.6399. On the downside, the initial target is provided by Sep 20 low of 18.6825.

  • The composite BBG Commodity Index has shed ~0.4% this morning, with the precious metals subindex sitting ~0.3% shy of neutral levels.
  • SAGB yields are higher across the curve, taking their lead from core markets. South Africa's 10-year breakeven inflation rate has climbed to 7.25%.
  • The government reiterated in a post-Cabinet update that it has made progress in addressing the concerns of the Financial Action Task Force (FATF) which led to the country's greylisting.
  • The local data docket is virtually empty during the remainder of this week.
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