July 16, 2024 07:56 GMT
ZAR: Rand Edges Higher Amid Firmer Gold Prices
ZAR
Spot USD/ZAR has edged lower in search for fresh catalysts, with the BBDXY Index giving away some of its earlier gains into the European open. The pair last deals at 18.1840, down 240 pips or so, with the focus on the downside falling on Jun 21 low of 17.8689. On the flip side, the high print of Jul 2 provides the initial layer of resistance at 18.6627.
- SAGB yields have faltered across the curve, with 10-year breakeven inflation rate easing to 5.70% (just above recent cyclical lows of 5.66%).
- The aggregate BBG Commodity Index has refreshed cyclical lows, while the precious metals subindex has added 0.5% so far, with gold trading ~$16.0/oz. higher.
- There is little of note on the local docket today, with retail sales coming up tomorrow and the SARB rate decision due Thursday.
133 words