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ZAR: Rand Stays On Back Foot

ZAR
EM BulletBulletGlobalEmerging Market NewsRegion

Spot USD/ZAR trades at 17.6279, almost 550 pips higher on the session, hitting best levels since mid-September. Further gains past the 50-EMA at 17.7188 would support the bullish case. Conversely, bears keep an eye on Sep 30 low/round figure of 17.0356/17.0000.

  • SAGB yields have ticked away from initial lows but continue to sit a touch below neutral levels. South Africa's 10-year breakeven inflation rate is unchanged on the day at 5.48%. The National Treasury holds an auction for floating bonds today.
  • The composite BBG Commodity Index operates marginally above neutral levels; the precious metals subindex is little changed on the day. Gold changes hands ~$8.9/oz. lower on the day.
  • The city council in Tshwane will elect the new mayor today. The recent ouster of Mayor Cilliers Brink led to tensions between GNU partners ANC and DA, as well as tensions between the ANC's national headquarters and Gauteng officials.
  • Elsewhere, China's Finance Minister will hold a briefing on fiscal policy on Saturday, with global investors still on the lookout for fresh stimulus. The announcement helped curb losses in Chinese stock indices overnight.
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Spot USD/ZAR trades at 17.6279, almost 550 pips higher on the session, hitting best levels since mid-September. Further gains past the 50-EMA at 17.7188 would support the bullish case. Conversely, bears keep an eye on Sep 30 low/round figure of 17.0356/17.0000.

  • SAGB yields have ticked away from initial lows but continue to sit a touch below neutral levels. South Africa's 10-year breakeven inflation rate is unchanged on the day at 5.48%. The National Treasury holds an auction for floating bonds today.
  • The composite BBG Commodity Index operates marginally above neutral levels; the precious metals subindex is little changed on the day. Gold changes hands ~$8.9/oz. lower on the day.
  • The city council in Tshwane will elect the new mayor today. The recent ouster of Mayor Cilliers Brink led to tensions between GNU partners ANC and DA, as well as tensions between the ANC's national headquarters and Gauteng officials.
  • Elsewhere, China's Finance Minister will hold a briefing on fiscal policy on Saturday, with global investors still on the lookout for fresh stimulus. The announcement helped curb losses in Chinese stock indices overnight.