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ZAR: Rand Snaps Winning Streak

ZAR
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The recent dynamic sell-off in USD/ZAR lost steam yesterday, with the pair rebounding from levels just above the 17.0 figure alongside the RSI's return from oversold territory (i.e. back above the 30 threshold). The pair has now moved from a daily loss to a gain as the BBDXY Index broke above yesterday's highs. When this is being typed, USD/ZAR trades at 17.2944, around 250 pips higher on the session. A move through the 50-EMA at 17.7748 would be a bullish signal; meanwhile, bears look for losses past the 17.0 figure.

  • SAGB yields are slightly higher across the curve, while South Africa's 10-year breakeven inflation rate has crept higher to 5.20%, moving away from recent cyclical lows of 5.11%.
  • The aggregate BBG Commodity Index oscillates in a familiar range. The precious metals subindex sits 0.3% above neutral levels.
  • Looking ahead, Absa Manufacturing PMI will be released at 10:00BST/11:00SAST, while Naamsa vehicle sales may also cross the wires at some point today.
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The recent dynamic sell-off in USD/ZAR lost steam yesterday, with the pair rebounding from levels just above the 17.0 figure alongside the RSI's return from oversold territory (i.e. back above the 30 threshold). The pair has now moved from a daily loss to a gain as the BBDXY Index broke above yesterday's highs. When this is being typed, USD/ZAR trades at 17.2944, around 250 pips higher on the session. A move through the 50-EMA at 17.7748 would be a bullish signal; meanwhile, bears look for losses past the 17.0 figure.

  • SAGB yields are slightly higher across the curve, while South Africa's 10-year breakeven inflation rate has crept higher to 5.20%, moving away from recent cyclical lows of 5.11%.
  • The aggregate BBG Commodity Index oscillates in a familiar range. The precious metals subindex sits 0.3% above neutral levels.
  • Looking ahead, Absa Manufacturing PMI will be released at 10:00BST/11:00SAST, while Naamsa vehicle sales may also cross the wires at some point today.