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ZAR: Rand Edges Ahead Of EMEA Peers

ZAR
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Greenback weakness (BBDXY -0.3%) weighs on USD/ZAR, taking the pair back towards the centre of its recent trading range. The rate last deals at 17.8463, around 1,000 pips shy of neutral levels. Key support has been defined at 17.5713, the Jul 28, 2023 low and 17.4193, the Jul 27, 2023 low. Initial resistance to watch is at 18.0572, the 50-EMA.

  • SAGBs have strengthened across the curve, with US Tsys also trading on a firmer footing. South Africa's 10-year breakeven inflation rate has dipped to 5.49%, approaching recent cyclical lows printed at 5.45%.
  • The composite BBG Commodity Index has added 0.9%, erasing yesterday's loss. The precious metals subindex is up 0.8%, posting gains for the third consecutive day.
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Greenback weakness (BBDXY -0.3%) weighs on USD/ZAR, taking the pair back towards the centre of its recent trading range. The rate last deals at 17.8463, around 1,000 pips shy of neutral levels. Key support has been defined at 17.5713, the Jul 28, 2023 low and 17.4193, the Jul 27, 2023 low. Initial resistance to watch is at 18.0572, the 50-EMA.

  • SAGBs have strengthened across the curve, with US Tsys also trading on a firmer footing. South Africa's 10-year breakeven inflation rate has dipped to 5.49%, approaching recent cyclical lows printed at 5.45%.
  • The composite BBG Commodity Index has added 0.9%, erasing yesterday's loss. The precious metals subindex is up 0.8%, posting gains for the third consecutive day.