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ZAR: Rand Gains Towards End Of Week As Gold Trades Higher

ZAR
EM BulletBulletEmerging Market News

Spot USD/ZAR changes hands at 18.0470, around 650 pips lower on the session, with bears still looking for losses towards Nov 7 low of 17.2711. On the flip side, gains beyond the 18.5 handle would bring Aug 5 high of 18.6850 into view.

  • SAGB yields have declined across the curve, albeit they have stabilised after the initial dip. South Africa's 10-year breakeven inflation rate has edged lower to 5.16% and stays close to recent cyclical lows.
  • The composite BBG Commodity Index is 0.5% firmer, while precious metals have added 1.1%. Gold trades ~$23.4/oz. higher on the session.
  • Domestically, the focus is on South Africa's October trade balance and budget balance, due for release at 12:00GMT/14:00SAST.
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Spot USD/ZAR changes hands at 18.0470, around 650 pips lower on the session, with bears still looking for losses towards Nov 7 low of 17.2711. On the flip side, gains beyond the 18.5 handle would bring Aug 5 high of 18.6850 into view.

  • SAGB yields have declined across the curve, albeit they have stabilised after the initial dip. South Africa's 10-year breakeven inflation rate has edged lower to 5.16% and stays close to recent cyclical lows.
  • The composite BBG Commodity Index is 0.5% firmer, while precious metals have added 1.1%. Gold trades ~$23.4/oz. higher on the session.
  • Domestically, the focus is on South Africa's October trade balance and budget balance, due for release at 12:00GMT/14:00SAST.