November 12, 2024 08:29 GMT
ZAR: Greenback Strength Pushes USD/ZAR Above 18.0
ZAR
Spot USD/ZAR has cleared the psychologically significant 18.0 figure this morning with the BBDXY Index adding 0.3% so far. The pair has Sep 12 high of 18.0138 as a result and bulls are now looking for a break out of the 18.0138-18.0579 resistance zone. Bearish focus falls on Nov 7 low of 17.2711. When this is being typed, the rate deals at 18.0556, around 1,150 pips above neutral levels.
- The composite BBG Commodity Index sits 0.2% lower on the session; the precious metals subindex sits 0.4% lower.
- SAGB yields have crept higher across the curve, with South Africa's 10-year breakeven inflation rate last seen at 5.40%.
- Johannesburg continues to grapple with a water and electricity crisis, with the authorities seeking immediate solutions.
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