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Reversal In Gold Gains Prompts Rand To Trim Earlier Advance

ZAR

USD/ZAR is moving away from its worst levels of the session, even as the South African Rand remains the leader of the EMEA scoreboard. This comes as the BBG precious metals index has faltered to new session lows, with spot gold pacing losses.

  • The rate last operates at ZAR18.2276, some 900 pips below neutral levels, after bottoming out at ZAR18.1357. Familiar technical levels remain in play as the pair holds onto yesterday's range.
  • Local-currency bond yields have ticked away from session highs but remain slightly firmer across the curve. The FTSE/JSE Africa All Share Index sits ~0.8% higher on the day.

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