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ZAR: Rand Wipes Out Weekly Loss, SARB Governor Touts Progress On Target Review

ZAR
EM BulletBulletEmerging Market News

Spot USD/ZAR deals at 18.3895, more than 1,000 pips below neutral levels, with the key near-term layer of support defined at 18.3022, which represents the low print of Jan 24. Bulls need a rally above Jan 13 high of 19.2296 to regain the upper hand.

  • SARB Governor Kganyago said that the central bank's research shows clear benefits from having a lower inflation target and said that the SARB is championing this idea.
    • Most investors and analysts recently polled by Bloomberg said that South Africa should not rush the process. The median estimate was for the gradual lowering of the inflation target to +3.0% Y/Y next year.
  • SAGB yields have eased across the curve, with South Africa's 5-year and 10-year breakeven inflation rates last seen at 4.46% and 5.54% respectively.
  • The composite BBG Commodity Index is up by 0.8%, with the precious metals subindex 1.3% better off. Gold trades ~$8.8/oz. higher on the session.
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Spot USD/ZAR deals at 18.3895, more than 1,000 pips below neutral levels, with the key near-term layer of support defined at 18.3022, which represents the low print of Jan 24. Bulls need a rally above Jan 13 high of 19.2296 to regain the upper hand.

  • SARB Governor Kganyago said that the central bank's research shows clear benefits from having a lower inflation target and said that the SARB is championing this idea.
    • Most investors and analysts recently polled by Bloomberg said that South Africa should not rush the process. The median estimate was for the gradual lowering of the inflation target to +3.0% Y/Y next year.
  • SAGB yields have eased across the curve, with South Africa's 5-year and 10-year breakeven inflation rates last seen at 4.46% and 5.54% respectively.
  • The composite BBG Commodity Index is up by 0.8%, with the precious metals subindex 1.3% better off. Gold trades ~$8.8/oz. higher on the session.