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ZAR: Rand Corrects Recent Gains

ZAR
Bullet

Spot USD/ZAR has edged higher amid modest gains for the BBDXY, with the rate last dealing at 17.5670, up 725 pips on the session. The initial layer of resistance is provided by the 50-EMA at 17.9513. However, the focus remains on the downside, with bears setting their sights on Jul 27, 2023 low of 17.4193.

  • The South African Reserve Bank (SARB) trimmed the repo rate by 25bp Thursday amid an improving domestic inflation outlook and following earlier rate reductions by the ECB and Fed. Governor Kganyago said that the MPC discussed an unchanged stance, a 25bp cut, and a 50bp cut, but eventually reached consensus to deliver a standard-sized cut.
  • SAGB yields have inched higher this morning, with South Africa's 5-year and 10-year breakeven inflation rates last seen at 4.37% and 5.26% respectively. The National Treasury holds a linkers auction today.
  • The aggregate BBG Commodity Index has added 0.2% today; the precious metals index is up 0.6% on the day, hitting new cyclical highs.
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Spot USD/ZAR has edged higher amid modest gains for the BBDXY, with the rate last dealing at 17.5670, up 725 pips on the session. The initial layer of resistance is provided by the 50-EMA at 17.9513. However, the focus remains on the downside, with bears setting their sights on Jul 27, 2023 low of 17.4193.

  • The South African Reserve Bank (SARB) trimmed the repo rate by 25bp Thursday amid an improving domestic inflation outlook and following earlier rate reductions by the ECB and Fed. Governor Kganyago said that the MPC discussed an unchanged stance, a 25bp cut, and a 50bp cut, but eventually reached consensus to deliver a standard-sized cut.
  • SAGB yields have inched higher this morning, with South Africa's 5-year and 10-year breakeven inflation rates last seen at 4.37% and 5.26% respectively. The National Treasury holds a linkers auction today.
  • The aggregate BBG Commodity Index has added 0.2% today; the precious metals index is up 0.6% on the day, hitting new cyclical highs.