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Market News

BUZZ-Rand under pressure as metal markets fall
23-Apr-24 06:40

    * South Africa leading business cycle indicator up 1.7% m/m, -0.9% y/y in

Feb

    * There are some promising signs that economic growth could strengthen

    * Weakness in the Indicator has slowed from December's -3.0% y/y return

    * The print for March may well come in with a positive return

    * Despite the data USD/ZAR extends its rebound out of 19.0675 Friday low

    * Little in the way of resistance until Friday's 19.3800 high

    * Rand under pressure as metals mkts head lower: gold pullback noted

    * Sentiment shift could trigger deeper gold retracement urn:newsml:reuters.com:*:nL2N3GW0P3

For more click on FXBUZ

    <^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^

SA Leading Indicator for Feb:     https://tmsnrt.rs/3UbvxAj

USD/ZAR daily candle chart:     https://tmsnrt.rs/4d7cpfn

    ^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^>

(Peter Stoneham is a Reuters market analyst. The views expressed are his own)

((peter.stoneham@thomsonreuters.com))

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