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ZAR: Rand On Defensive Ahead Of Thursday's Rate Decision

ZAR

The rand trades on the defensive while holding a familiar range, awaiting the release of domestic retail sales figures, the final piece of data ahead of tomorrow's SARB rate decision and President Ramaphosa's policy speech. The rate last deals at 18.1651, around 1,050 pips above neutral levels, with bulls looking to attack Jul 2 high of 18.6627. On the flip side, bears see 17.8689, the Jun 21 low, as their initial target.

  • SAGB yields are a touch higher across the curve, with South Africa's 10-year breakeven inflation rate sitting at 5.72%, little changed on the day.
  • The aggregate BBG Commodity Index is barely changed on the session, while the precious metals subindex has pulled back from cyclical highs.
  • The greenback trades on a softer footing and the BBDXY Index (-0.2%) is testing support from its 200-DMA as we type.
  • South Africa's retail sales data will cross the wires at 12:00BST/13:00SAST.
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