Spot USD/ZAR remains under pressure in the wake of yesterday's sell-off, having reversed all weekly gains over the course of Thursday and Friday. The rate last deals at 18.4039, around 830 pips below neutral levels, threatening to challenge the nearby cycle low at 18.3763. Further below lies support from Dec 29 trough of 18.2550. On the topside, bulls need a rebound above May 8 high of 18.6764 before setting their sights on Apr 19/Feb 23 highs of 19.3862/99.

• The commodity complex is broadly firmer, with the composite gauge of its strength up 0.8% on the day. Precious metals are up 1.6%, building on yesterday's rally, as a beat in US jobless claims supported rate-cut bets.
• The SAGB curve has shifted lower in morning trade, taking its cue from US Tsys. South Africa's 10-year breakeven inflation rate has eased to 6.84%.
• The local data docket is empty today, but political risk remains in focus, with the Constitutional Court set to hear the IEC's challenge to ex-President Zuma's eligibility to run in elections.