USD/ZAR Recovers From Session Lows After US Data

Spot USD/ZAR continues to oscillate within yesterday's range, with the latest uptick in BBDXY index pushing the rate higher, as US initial jobless claims came in better than expected. The rate last sits at 19.1965, bouncing off the earlier session low of 19.1390.

• SAGB yields are lower across the curve, with South Africa's 10-year breakeven inflation rate seen at 6.77%. The aggregate BBG Commodity Index and the the precious metals subindex both sit ~0.5% lower on the day.
• South Africa's current account deficit widened to ZAR161bn in Q2 grom ZAR64bn prior, with consensus expecting a shortfall of ZAR173bn. Meanwhile, electricity production fell 3.4% Y/Y in July, while consumption was 3.1% Y/Y lower.
• Some analysts comment that the executive summary of a report from a probe into the docking of Russian ship Lady R at a South African port last year raised more questions than it answered. The Daily Maverick circulated a report noting that the UAE's role in the whole affair remains mysterious.