USDZAR has slipped from yesterday’s highs, down 0.65% on the session as a 0.7% move higher in spot gold and rebound in major equity indices buoys the rand. Today’s sell-off puts the pair back within close proximity to this week’s lows, a break of which could threaten a test of 17.5713, the Jul 28 ‘23 low, and 17.4193, the Jul 27 ‘23 low and next key support.

• Comments from lawmakers pressured the rand towards the end of the European session yesterday, though weakness proved to be short-lived. South Africa’s standing committee on finance called on the SARB to “seriously look at the issue of the high interest rate.” The SARB are scheduled to meet next on September 19 - just one day after the Fed rate decision. The committee voted 4-2 in favour of a hold at 8.25% at its July meeting.