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ZAR: Rand Starts Week On Firmer Footing

ZAR
EM BulletBulletGlobalEmerging Market NewsRegion

USD/ZAR has ticked lower as the BBDXY Index snaps its winning streak and stabilises. The pair last deals at 17.4025, around 850 pips shy of neutral levels, with bears keeping an eye on Sep 30 low/round figure of 17.0356/17.0000. On the flip side, bulls set their sights on the descending 50-EMA, which kicks in at 17.7287.

  • Chinese stock markets remained buoyant at the start of the week following Beijing's recent announcement of a generous stimulus package. On the other hand, tensions in the Middle East continue to keep investors on their toes.
  • The aggregate BBG Commodity Index started on a softer footing but then trimmed losses to just 0.1%. The precious metals subindex is also down 0.1% on the day. Gold changes hands ~$4.2/oz. lower.
  • SAGB yields are higher across the curve, with South Africa's 10-year breakeven inflation rate extending its move higher to last sit at 5.57%.
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USD/ZAR has ticked lower as the BBDXY Index snaps its winning streak and stabilises. The pair last deals at 17.4025, around 850 pips shy of neutral levels, with bears keeping an eye on Sep 30 low/round figure of 17.0356/17.0000. On the flip side, bulls set their sights on the descending 50-EMA, which kicks in at 17.7287.

  • Chinese stock markets remained buoyant at the start of the week following Beijing's recent announcement of a generous stimulus package. On the other hand, tensions in the Middle East continue to keep investors on their toes.
  • The aggregate BBG Commodity Index started on a softer footing but then trimmed losses to just 0.1%. The precious metals subindex is also down 0.1% on the day. Gold changes hands ~$4.2/oz. lower.
  • SAGB yields are higher across the curve, with South Africa's 10-year breakeven inflation rate extending its move higher to last sit at 5.57%.