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ZAR: Rand Snaps Five-Day Losing Streak

ZAR
EM BulletBulletGlobalEmerging Market NewsRegion

USD/ZAR had a look above its 200-DMA yesterday but pulled back from there and last sits at 18.1795, around 900 pips lower on the session. A softer US dollar offers some reprieve, but the rand remains the worst-performing EMEA currency this week. Bears look for further losses towards Nov 7 low of 17.2711. Bulls keep an eye on the 18.50 handle, which could be brought into play by a renewed attempt to consolidate above the 200-DMA (18.2812).

  • The composite BBG Commodity Index has extended losses, moving 0.3% lower today, refreshing cyclical lows in the process. The precious metals subindex has edged 0.2% lower, with gold last changing hands close to neutral levels.
  • SAGB yields have faltered across the curve. South Africa's 10-year breakeven inflation rate has edged lower to 5.29%, with 5-year rate last seen at 4.32%.
  • 1x4 FRAs sit 16bp below 3-month JIBAR ahead of next week's SARB meeting, with all five economists polled by Bloomberg so far predicting a 25p rate cut.
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USD/ZAR had a look above its 200-DMA yesterday but pulled back from there and last sits at 18.1795, around 900 pips lower on the session. A softer US dollar offers some reprieve, but the rand remains the worst-performing EMEA currency this week. Bears look for further losses towards Nov 7 low of 17.2711. Bulls keep an eye on the 18.50 handle, which could be brought into play by a renewed attempt to consolidate above the 200-DMA (18.2812).

  • The composite BBG Commodity Index has extended losses, moving 0.3% lower today, refreshing cyclical lows in the process. The precious metals subindex has edged 0.2% lower, with gold last changing hands close to neutral levels.
  • SAGB yields have faltered across the curve. South Africa's 10-year breakeven inflation rate has edged lower to 5.29%, with 5-year rate last seen at 4.32%.
  • 1x4 FRAs sit 16bp below 3-month JIBAR ahead of next week's SARB meeting, with all five economists polled by Bloomberg so far predicting a 25p rate cut.