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Rand Weakness Deepens, USD/ZAR Leaves Key Resistance Behind

ZAR

Spot USD/ZAR punched through trendline support-turned-resistance yesterday and attacked its 50-DMA, eventually closing above that moving average. The pair extends gains this morning, advancing for the fourth consecutive day, and last deals at ZAR18.1563, up ~1,140 pips on the session.

  • The upswing in USD/ZAR turns technical focus to the upside, with bulls taking aim at a cyclical high printed on Mar 8 at ZAR18.7192. On the flip side, bears look for losses past Mar 31 low of ZAR17.6993.
  • The aggregate BBG Commodity Index has shed ~0.2% this morning, with the precious metals subindex sitting just shy of neutral levels, as it struggles to extend recent gains.
  • Local-currency bond yields remain slightly higher across the curve, even as they have moved away from best levels.
  • South Africa's February electricity output will hit the wires later today.
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