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USDZAR Gains Extend to Over 1%, Rand Poorest Currency in EMEA

ZAR
USDZAR spot gains have eclipsed 1% on the day, sending the pair to as high as 18.5461. USD strength is underpinning the moves even as 10Y UST yields roll off the day’s highs. Slightly softer gold prices and the overall risk-off tune to global markets are providing no relief to the rand, which is the worst performing EMEA currency by some margin. Nevertheless, initial resistance remains some way away at 18.8115 – the 50-day EMA.
  • More broadly, debt matters concerning some of South Africa’s largest state-owned companies remain of note to markets. However, News24 reported this morning that Transnet rolled over ZAR7bln of debt due this week until March, giving the port and rail company relief for four months.
  • Geopolitics may also be working against the ZAR. Late yesterday, US Senator Coons proposed excluding South Africa from a renewal of the AGOA preferential trade pact on the government's support for Russia, a move which would hamper enhanced access to the US market for exports of cars, fruit and wine.
  • Given the thin local data slate, focus will turn to the array of Fed speakers and, most notably, Fed Chair Powell's opening remarks at a conference this afternoon (1415GMT/0915ET).
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