ZAR: Rand Advances In Early Trade, Then Trims Gains

Spot USD/ZAR found support at 18.1835, a new weekly low, and has trimmed some losses from there to last trade at 18.2700, still around 600 pips shy of neutral levels. That said, the rand continues to top the EMEA scoreboard as we type. Bears look for losses towards Jun 21 low of 17.8689, while bullish focus falls on 18.6627, the Jul 2 high.

• The aggregate BBG Commodity Index has rebounded from cyclical lows and last sits 0.9% above neutral levels, with the precious metals subindex operating 0.4% better off.
• SAGB yields are slightly higher across the curve, with South Africa's 10-year breakeven inflation rate last seen at 5.83%, little changed on the day.
• China's official PMI data released overnight were broadly in line with expectations, with the manufacturing component coming in at 49.4 and the non-manufacturing component printing at 50.2.
• The FOMC's rate decision tonight is set to steal the limelight amid little in the way of notable event risk in South Africa.
• South Africa's international trade data will be published at 13:00BST/14:00CEST.