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ZAR: Rand Stabilises, Remains On Track For Weekly Loss

ZAR
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Spot USD/ZAR has stabilised in the wake of yesterday's rally and last deals at 17.4958, around 170 pips lower on the session. A dip through Sep 30 low/round figure of 17.0356/17.0000 would support the bearish case, while bulls look for a rebound towards the 50-EMA at 17.7429.

  • SAGB yields have ticked higher across the curve, with South Africa's 10-year breakeven inflation rate climbing to 5.57%. The composite BBG Commodity Index has added 0.4%, with the precious metals subindex little changed on the day. Gold trades ~$5.3/oz. higher on the session.
  • Bloomberg reported that Eskom has ramped up its use of diesel-fired open cycle gas turbines (OCGTs) to avoid a return to loadshedding amid "higher-than-expected electricity demand driven by cold weather" and "after 2,685MW of capacity failed to return to service on September 23 as planned."
  • The National Treasury confirmed that Finance Minister Enoch Godongwana will deliver his Medium-Term Budget Policy Statement (MTBPS) on October 30.
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Spot USD/ZAR has stabilised in the wake of yesterday's rally and last deals at 17.4958, around 170 pips lower on the session. A dip through Sep 30 low/round figure of 17.0356/17.0000 would support the bearish case, while bulls look for a rebound towards the 50-EMA at 17.7429.

  • SAGB yields have ticked higher across the curve, with South Africa's 10-year breakeven inflation rate climbing to 5.57%. The composite BBG Commodity Index has added 0.4%, with the precious metals subindex little changed on the day. Gold trades ~$5.3/oz. higher on the session.
  • Bloomberg reported that Eskom has ramped up its use of diesel-fired open cycle gas turbines (OCGTs) to avoid a return to loadshedding amid "higher-than-expected electricity demand driven by cold weather" and "after 2,685MW of capacity failed to return to service on September 23 as planned."
  • The National Treasury confirmed that Finance Minister Enoch Godongwana will deliver his Medium-Term Budget Policy Statement (MTBPS) on October 30.