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USDZAR Closes Gap to Key Resistance; Weakness Noted Across EM FX

ZAR
Rand weakness, as well as the weakness across EM FX, has primarily been driven by the stronger greenback today. USDZAR spot gains of 0.60% are broadly in line with that of the DXY with attention on key resistance at 18.9570, the Nov 24 high. While gold has recorded losses of ~0.3% on the day, which may be providing an additional headwind to the rand, the yellow metal remains 1.8% firmer on the week overall and close to yesterday’s multi-month highs.
  • Trade balance data did little to move the needle despite recording a ZAR12.7bln deficit in October versus expectations of a ZAR8.1bln surplus (Prior: +ZAR12.0bln). Meanwhile, a moderation in loadshedding from stage 4 to stage 3 until 16:00 today as well as a report from the Financial Action Task Force (FATF) showing that South Africa is making progress in its efforts to get taken off the watchdog's grey list have been unable to offer any reprieve.
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