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ZAR: Rand Trades Flat, National Tsy Sells Bonds

ZAR
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Spot USD/ZAR oscillates around neutral levels, last dealing at 17.6161. Familiar technical levels remain in play, with bulls looking for gains towards Sep 12 high of 18.0138, while bears keep an eye on Sep 30 low/round figure of 17.0356/17.0000.

  • SAGB yields crept higher across the curve before stabilising, with South Africa's 10-year breakeven inflation rate ticking higher to 5.68%, showing at its highest levels since early September. The National Treasury sold ZAR1.25bn of 2035 bonds (bid/cover 5.08x), ZAR1.25bn of 2040 bonds (bid/cover 2.29x) and ZAR1.25bn of 2053 bonds (bid/cover 1.71x).
  • Taiwan refused to comply with South Africa's request for it to move its liaison office out of Pretoria and called for the observance of the terms of the 1997 agreement regulating bilateral relations. South Africa wants Taiwan to relocate its office to Johannesburg and rebrand it as a "trade office."
  • The aggregate BBG Commodity Index has added 0.6%, building on yesterday's gains; the precious metals subindex is up 0.4% on the session. Gold trades ~$10.8/oz. better off.
  • South Africa's leading indicator deteriorated to 112.8 in August from 113.6 prior.
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Spot USD/ZAR oscillates around neutral levels, last dealing at 17.6161. Familiar technical levels remain in play, with bulls looking for gains towards Sep 12 high of 18.0138, while bears keep an eye on Sep 30 low/round figure of 17.0356/17.0000.

  • SAGB yields crept higher across the curve before stabilising, with South Africa's 10-year breakeven inflation rate ticking higher to 5.68%, showing at its highest levels since early September. The National Treasury sold ZAR1.25bn of 2035 bonds (bid/cover 5.08x), ZAR1.25bn of 2040 bonds (bid/cover 2.29x) and ZAR1.25bn of 2053 bonds (bid/cover 1.71x).
  • Taiwan refused to comply with South Africa's request for it to move its liaison office out of Pretoria and called for the observance of the terms of the 1997 agreement regulating bilateral relations. South Africa wants Taiwan to relocate its office to Johannesburg and rebrand it as a "trade office."
  • The aggregate BBG Commodity Index has added 0.6%, building on yesterday's gains; the precious metals subindex is up 0.4% on the session. Gold trades ~$10.8/oz. better off.
  • South Africa's leading indicator deteriorated to 112.8 in August from 113.6 prior.