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USD/ZAR Continues To Trade On Heavier Footing

ZAR

The Rand clings onto gains registered on the back of South African inflation data and reprieve on the political risk front. USD/ZAR extended losses in the lead-up to the release of October retail sales and stabilised slightly above there. The pair last changes hands at ZAR17.1429, some 1,200 pips lower on the session.

  • South Africa's retail sales fell 0.6% Y/Y in October after a revised 0.4% contraction recorded in September, matching consensus forecast. Seasonally adjusted retail sales grew 0.4% M/M versus expectations of no change.
  • The aggregate BBG Commodity Index has shed ~0.5% today after five consecutive days of gains. Precious metals have also shown some weakness, with the relevant subindex last ~0.4% worse off.
  • Local-currency gov't bond yields continue to operate near session lows.
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