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ZAR: Rand Trims Losses Even As M'fing Sector Slips Into Contraction

ZAR
EM BulletBulletEmerging Market News

Spot USD/ZAR has inched higher overnight, with some attributing the move to US President-elect Trump's threat to slap hefty tariffs on BRICS countries should they pursue plans to introduce a new currency to challenge the dollar. These allegations were subsequently played down by DIRCO's spokesperson, with President Ramaphosa expressing willingness to discuss these matters with Trump in the future.

  • The pair last deals at 18.0995, just over 400 pips above neutral levels, after unwinding some of its earlier gains. A clearance of Nov 14 high of 18.3951 would prompt bulls to take aim at Aug 5 high of 18.6850. Bears look for a dip through Nov 19 low of 17.9081 before setting their sights on Nov 7 low of 17.2711.
  • SAGB yields sit higher across the curve, with South Africa's 10-year breakeven inflation rate last seen at 5.23%. The composite BBG Commodity Index operates 0.8% below neutral levels, with the precious metals subindex falling by 1.1% at the start to the new week.
  • South Africa's Absa Manufacturing PMI slipped into contractionary territory, printing at 48.1 in November versus 52.6 in October. Still, accompanying commentary reminds that "the PMI (and official data) has been volatile this year, so this is not unexpected."
  • Naamsa will release November vehicle sales data later today.
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Spot USD/ZAR has inched higher overnight, with some attributing the move to US President-elect Trump's threat to slap hefty tariffs on BRICS countries should they pursue plans to introduce a new currency to challenge the dollar. These allegations were subsequently played down by DIRCO's spokesperson, with President Ramaphosa expressing willingness to discuss these matters with Trump in the future.

  • The pair last deals at 18.0995, just over 400 pips above neutral levels, after unwinding some of its earlier gains. A clearance of Nov 14 high of 18.3951 would prompt bulls to take aim at Aug 5 high of 18.6850. Bears look for a dip through Nov 19 low of 17.9081 before setting their sights on Nov 7 low of 17.2711.
  • SAGB yields sit higher across the curve, with South Africa's 10-year breakeven inflation rate last seen at 5.23%. The composite BBG Commodity Index operates 0.8% below neutral levels, with the precious metals subindex falling by 1.1% at the start to the new week.
  • South Africa's Absa Manufacturing PMI slipped into contractionary territory, printing at 48.1 in November versus 52.6 in October. Still, accompanying commentary reminds that "the PMI (and official data) has been volatile this year, so this is not unexpected."
  • Naamsa will release November vehicle sales data later today.