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ZAR: Rand Inches Higher, Upbeat PMI Data Lends Support

ZAR
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USD/ZAR ticks lower for the second consecutive session, which helps the rand trim its weekly loss. The wider EMEA space has come under pressure this week, with none of the ten regional currencies tracked by Bloomberg outperforming the greenback.

  • When this is being typed, USD/ZAR trades at 17.3082, around 450 pips lower on the session. Losses past Sep 30 low/round figure of 17.0356/17.0000 would confirm that bears remain in control. Bulls continue to keep an eye on the 50-EMA, which intersects at 17.7447.
  • SAGB yields are slightly lower at typing, while South Africa's 10-year breakeven inflation rate has slipped to 5.38%. The aggregate BBG Commodity Index has added 0.2%, with the precious metals subindex little changed on the day.
  • South Africa's economy expanded at a faster pace in September, according to the latest S&P Global survey. Headline PMI increased to 51.0 from 50.5 registered in August, while S&P said that the data "provides further assurance that the South African private sector economy is on the right track, with September seeing growth accelerate to the joint-fastest in over two years."
  • Electricity production/consumption data for August will be released at 12:00BST/13:00SAST.
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USD/ZAR ticks lower for the second consecutive session, which helps the rand trim its weekly loss. The wider EMEA space has come under pressure this week, with none of the ten regional currencies tracked by Bloomberg outperforming the greenback.

  • When this is being typed, USD/ZAR trades at 17.3082, around 450 pips lower on the session. Losses past Sep 30 low/round figure of 17.0356/17.0000 would confirm that bears remain in control. Bulls continue to keep an eye on the 50-EMA, which intersects at 17.7447.
  • SAGB yields are slightly lower at typing, while South Africa's 10-year breakeven inflation rate has slipped to 5.38%. The aggregate BBG Commodity Index has added 0.2%, with the precious metals subindex little changed on the day.
  • South Africa's economy expanded at a faster pace in September, according to the latest S&P Global survey. Headline PMI increased to 51.0 from 50.5 registered in August, while S&P said that the data "provides further assurance that the South African private sector economy is on the right track, with September seeing growth accelerate to the joint-fastest in over two years."
  • Electricity production/consumption data for August will be released at 12:00BST/13:00SAST.