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ZAR: Rand On Defensive After Printing New Cyclical Highs

ZAR
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Spot USD/ZAR has inched higher and last deals at 17.4697, around 430 pips above neutral levels. The pair made another attempt to move through Jul 27, 2023 low of 17.4193 but struggled to consolidate below that level and recovered into the London morning. A clean breach of that level would expose 17.1388, the 1.00 projection of the 1 Jun - Jul 27 - Oct 6 2023 price swing. Conversely, bulls look for a rebound towards the 50-EMA at 17.9269.

  • SAGB yields have edged lower across the curve, with South Africa's 10-year breakeven inflation rate last seen at 5.23%.
  • The composite BBG Commodity Index has erased its initial gains; the precious metals subindex sits 0.7% lower on the day.
  • The 3-month JIBAR/3x6 FRA spread is now -41.7bp will sell-side commentary released after last week's SARB decision flagging room for further monetary easing.
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Spot USD/ZAR has inched higher and last deals at 17.4697, around 430 pips above neutral levels. The pair made another attempt to move through Jul 27, 2023 low of 17.4193 but struggled to consolidate below that level and recovered into the London morning. A clean breach of that level would expose 17.1388, the 1.00 projection of the 1 Jun - Jul 27 - Oct 6 2023 price swing. Conversely, bulls look for a rebound towards the 50-EMA at 17.9269.

  • SAGB yields have edged lower across the curve, with South Africa's 10-year breakeven inflation rate last seen at 5.23%.
  • The composite BBG Commodity Index has erased its initial gains; the precious metals subindex sits 0.7% lower on the day.
  • The 3-month JIBAR/3x6 FRA spread is now -41.7bp will sell-side commentary released after last week's SARB decision flagging room for further monetary easing.