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Rand Weakness Continues, USD/ZAR Bulls Eye Key Resistance Area

ZAR

Spot USD/ZAR has crept higher and is approaching four-month highs printed last week at ZAR18.4902, with the Rand sitting at the bottom of the EMEA pile. The rate last changes hands at ZAR18.4666, up nearly 400 pips on the day, with bulls looking for a rally towards a resistance zone around Oct 13 high of ZAR18.5815.

  • Local-currency bonds have faltered, with yields sitting higher across a steepened curve. South Africa's 10-year breakeven inflation rate has climbed to 6.25%.
  • The commodity complex is slightly firmer, but metals have generally declined, with the BBG precious metals index down ~0.2% on the day to new cyclical lows.
  • The are no major local releases today, but South Africa's unemployment and trade balance will hit the wires tomorrow.
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