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SARB Hold Decision Unanimous

SOUTH AFRICA
  • The SARB decision to hold rates at 8.25% was unanimous - that’s the first unanimous hold since September 2021. Slight uptick in USDZAR on the back of this, though the pair remains below the overnight highs and last deals at around 18.85.
  • Continued hawkish language noted in the following lines of the policy statement: “Serious upside risks to the inflation outlook remain. In light of these risks, the Committee remains vigilant and stands ready to act should risks begin to materialise.”
  • USDZAR traded higher yesterday, resulting in a break resistance at 18.8057, the Nov 10 high. A clear break of this level would be seen as bullish short-term development and signal scope for a stronger recovery towards 19.2710, the Oct 26 high.
  • See the full policy statement here.
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