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USD/ZAR Returns Above ZAR17, FTSE/JSE Top40 Index Extends Pullback


USD/ZAR returns above ZAR17.0000 after a brief foray under that level. The rebound from session lows is driven by a degree of greenback recovery, as the BBDXY index moves away from worst levels, with U.S. e-minis turning red.

  • BBG Commodity Index operates ~0.8% higher on the day, off intraday highs. The precious metals subindex has also trimmed its earlier advance.
  • South Africa's yield curve has bull steepened, with yields last 2.4-4.7bp lower. 10-year breakeven inflation rate remains at 6.20%
  • FTSE/JSE Africa Top40 Index extends its pullback from new cyclical highs and last sits 0.6% worse on the day. The index has shed nearly 2% peak-to-trough today.
  • The SARB said it has done all it can to prevent the grey-listing of South Africa by a global watchdog monitoring shortcomings in tackling illicit finance.

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