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USDZAR Partially Pares Monday’s Rally, Ranges Contained

ZAR
The South African rand stands alongside the Hungarian forint at the top of the EMEA pile so far this morning having comfortably underperformed its peers yesterday. USDZAR closed Monday’s session ~1.5% in the green, extending the recovery from Friday’s lows to 2.6% as higher US yields supported the rally. Nevertheless, price fell some way short of pre-Fed levels at around 19.00 with a bearish theme continuing to dominate overall.
  • USDZAR price has been contained within yesterday's ranges today as a pullback in UST yields allows gains to be partially pared. Weakness in the rand was accompanied by a sizeable rally in SAGBs, with yields across the curve falling ~20bps yesterday. Of note, 10y SAGB yields hit their lowest level since April 2023, while the 30y yield pierced through the November lows to reach its lowest since May. Today, the yield curve stands between 6-8bps higher.
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