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ZAR: Rand Extends Gains, Remains Best EMEA Performer This Month

ZAR
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Spot USD/ZAR remains under pressure, with the rand cementing its position as the best EMEA performer this month. The rate last sits at 17.0954, around 200 pips lower on the session, with the RSI moving deeper into oversold territory (last at 24.4). A dip through the 17.0 figure would bring Jan 12, 2023 low of 16.6950. Conversely, the 50-EMA provides the initial layer of resistance at 17.7880.

  • Deputy President Mashatile said that the economy could grow by 1.5% Y/Y next year, adding that the budget is tight and the government has to prioritise.
  • SAGB yields are a touch lower, curve runs slightly flatter. South Africa's 10-year breakeven inflation rate sits at its cyclical low of 5.12%.
  • The composite BBG Commodity Index has added 0.1%, with the precious metals subindex operating 0.3% above neutral levels.
  • South Africa's private sector credit growth accelerated to +4.95% Y/Y in August from +3.50% prior, beating the median estimate of +4.25%.
  • Trade balance and budget data for August will cross the wires at 13:00BST/14:00CEST.
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Spot USD/ZAR remains under pressure, with the rand cementing its position as the best EMEA performer this month. The rate last sits at 17.0954, around 200 pips lower on the session, with the RSI moving deeper into oversold territory (last at 24.4). A dip through the 17.0 figure would bring Jan 12, 2023 low of 16.6950. Conversely, the 50-EMA provides the initial layer of resistance at 17.7880.

  • Deputy President Mashatile said that the economy could grow by 1.5% Y/Y next year, adding that the budget is tight and the government has to prioritise.
  • SAGB yields are a touch lower, curve runs slightly flatter. South Africa's 10-year breakeven inflation rate sits at its cyclical low of 5.12%.
  • The composite BBG Commodity Index has added 0.1%, with the precious metals subindex operating 0.3% above neutral levels.
  • South Africa's private sector credit growth accelerated to +4.95% Y/Y in August from +3.50% prior, beating the median estimate of +4.25%.
  • Trade balance and budget data for August will cross the wires at 13:00BST/14:00CEST.