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USD/ZAR Extends Pullback From Three-Year High

ZAR

The South African Rand is pacing gains in the EMEA space this morning, with familiar risks seemingly already baked into the currency, after it showed a limited reaction to a downward revision to South Africa's credit rating outlook announced by S&P Global Ratings yesterday.

  • When this is being typed, USD/ZAR trades at ZAR18.4547, down ~1,140 pips on the day, with bears looking for a break below the 20-EMA at ZAR18.2045. On the flip side, a move through Mar 8 high of ZAR18.7192 would expose the ZAR19 figure.
  • Local-currency bonds have now retraced some of their initial gains and sit just 1.2-1.9bp richer across the curve, with the 10-year breakeven inflation rate last seen at 6.30%.
  • The BBG Commodity Index has dropped to new cyclical lows today and now operates ~0.5% worse off, albeit precious metals hold firm, with the relevant subindex sitting ~0.2% higher on the day.
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