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ZAR: Rand Gains For Seventh Consecutive Day, Local Data Eyed

ZAR

Spot USD/ZAR falters for the seventh consecutive day, moving through support from Aug 1 low of 18.1064. The rate deals at 18.0927, around 500 pips lower on the session, as the BBDXY Index trades flat. Bears keep an eye on Jun 21 low of 17.8689, while bulls look for a rebound towards Aug 5 high of 18.6850.

  • SAGB yields are lower across the curve, with the belly outperforming at the margin. South Africa's 10-year breakeven inflation rate sinks to fresh cyclical lows of 5.59%, a level last seen in August 2021.
  • The aggregate BBG Commodity Index is marginally firmer (+0.4%). Precious metals are struggling for any pronounced gains, with gold last seen ~$4.4/oz. higher.
  • SACCI Business Confidence will cross the wires at 10:30BST/11:30SAST, with retail sales due to follow at 12:00BST/13:00SAST.
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