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ZAR: USD/ZAR Extends Losses Past 18.0 Despite Weaker Precious Metals

ZAR

USD/ZAR fell below the psychologically significant 18.0 figure, with soft US CPI data aiding the move. The rate last deals at 17.9706, around 350 pips lower on the session, with bears looking for further losses past Jun 21 low of 17.8689. Conversely, bulls see Jul 2 high of 18.6627 as their initial target.

  • China's trade surplus for June was wider than projected, but imports unexpectedly contracted by 2.3% Y/Y. The data showed that demand for commodities cooled amid sluggish performance from Asia's biggest economy. Imports from South Africa fell 7.7% Y/Y in June, but remained 10.7% Y/Y higher in 1H2024 compared with 1H2023.
  • The aggregate Commodity Index has edged 0.1% lower, with the precious metals subindex sitting 0.8% lower on the day. Gold last deals ~$9.4/oz. below neutral levels.
  • SAGB yields are a tad higher across the curve, with 10-year breakeven inflation rate stabilising after a dip to 5.76%, the lowest point since 1Q2023. The National Treasury will hold an auction for linkers today.
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