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ZAR: Rand Ticks Higher

ZAR

Spot USD/ZAR trades at 18.1997, around 750 pips below neutral levels, despite the lack of significant domestic catalysts. Bears look for a move towards 17.8689, which limited losses on Jun 21. On the flip side, Bulls see Jul 2 high of 18.6627 as their initial target.

  • SAGB yields are marginally mixed across the curve, with 10-year breakeven inflation rate unchanged at 5.74%. The National Treasury holds an auction for linkers today.
  • The aggregate BBG Commodity Index has added 0.7% so far, with the precious metals subindex sitting 1.3% higher on the session.
  • South African FRAs fell in the wake of this week's Fed monetary policy meeting, which saw Chair Powell suggest that US policymakers were on track to cut rates next month.
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