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USD/ZAR Shows Above ZAR18.5, Unemployment Rate Slips

ZAR

Spot USD/ZAR refreshed cyclical highs and had a look above the ZAR18.5 mark for the first time since Nov 3 before unwinding gains, as the Rand remains subject to a combination of familiar domestic headwinds.

  • The rate last deals at ZAR18.4100, little changed on the day. Bulls look for a rally towards Oct 13 high of ZAR18.5815, which provides a key layer of resistance. Conversely, bears eye support from the 20-EMA at ZAR17.9802.
  • Local-currency bond yields have recouped initial losses and are in positive territory across the curve. The FTSE/JSE Africa All Share Index operates just shy of neutral levels after bouncing off the 23.6% retracement of the Sep 28 - Jan 27 rally yesterday.
  • South Africa's unemployment rate eased to 32.7% in Q4 from 32.9% prior, printing marginally above the median estimate of 32.6%. While the nation's jobless rate remains one of the highest in the world, it has dropped to its lowest level in two years, despite the crippling power outages.
  • The focus turns to South Africa's trade balance and budget balance, with the figures coming up at 12:00GMT/14:00SAST.
  • Local media reported that Finance Minister Godongwana will be sworn in as an MP to make way for a non-MP politician to join the Cabinet.
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