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USDZAR Continues to Correct Last Week’s Rally, Technical Picture Remains Bullish

ZAR
While the rand is one of the strongest currencies in the EMEA region today, with USDZAR down 0.75% on the day at typing, price remains some way off last week’s lows. Indeed, the technical picture is still bullish, with a break of key support at 18.7622, the Feb 21 low, needed to alter the picture. On an intraday basis, there are few local drivers of note behind the local currency’s outperformance - gold is a moderate 0.22% in the green while the DXY index last deals close to flat.
  • Yields on SAGBs sit 4-7bps lower across the curve, continuing to correct much of the move higher yesterday following a report by Fitch Ratings which suggested that some of the assumptions in the 2024 Budget were quite optimistic.
  • Looking ahead, trade balance data for January is the highlight on the local slate for the remainder of the week on Thursday (Est: -ZAR5.5bln; Prior: +ZAR14.1bln)
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