ZAR: Rand Sits Close To Neutral Levels, Current Account Data Due Shortly
Mar-06 08:52
Spot USD/ZAR failed to pierce the 100-DMA yesterday and has edged away from there this morning. It last trades at 18.3400, marginally better off. The high print of Jan 13 provides the initial layer of resistance at 19.2296, while bears look for losses through the 100-DMA at 18.2862.
- SAGB yield curve has bear steepened in early trade. South Africa's 5-year and 10-year breakeven inflation rates sit at 4.63% and 5.63% respectively as we type.
- The composite BBG Commodity Index is little changed on the day. The precious metals subindex is 0.3% weaker, with gold trading ~$14.9/oz. below neutral levels.
- Current account data for 4Q24 will be released shortly. Consensus looks for a deficit of ZAR70bn after a ZAR71bn gap in the previous quarter.
- South Africa's January electricity production/consumption data will cross the wires at 11:00GMT/13:00SAST.
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EGB SYNDICATION: Croatia 12Y EUR Benchmark: IPT
Feb-04 08:52
- EUR Benchmark 12Y Fixed (Feb. 11, 2037) MS+120 Area
- Coupon: Annual, act/act ICMA
- Settlement: Feb. 11, 2025
- ISIN: XS2997390153
- Bookrunners: ERSTE, IMI - Intesa Sanpaolo, ING (B&D), JPM, MS
- Timing: May price today.
Details as per Bloomberg
USD: Paring some Overnight gains
Feb-04 08:50
- The Dollar is still paring some gains going int the European session, cross asset markets have stabilised somewhat, and the Swissy in back in the green vs the USD, albeit closer to flat.
- The USDJPY is slowly drifting back towards the 155.00 figure, but for now trades pretty much at today's mid 80 pips range, at 155.15.
SEK: Little FX Reaction To Riksbank Minutes
Feb-04 08:45
Little immediate reaction in SEK to the Riksbank’s January minutes, with the krona already strengthening a little against the EUR and USD ahead of the release.
- Overall, there remain “nuances” in views across the Executive Board, but the broad strokes of the minutes seem to align with the cautious/non-committal policy statement guidance seen last week.
