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BLOCKs, Jun'23 SOFR Puts

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15.00 Proving Sticks for USD/ZAR; Growth Expectations Tick Up

  • USD/ZAR opened lower, but 15.00 handle looking sticky in early trading, having failed to break on news that restrictions were being lifted.
  • However, firm bond inflows should begin to weigh on the cross, provided global risk sentiment remains positive.
  • Markets now estimating less severe drains on 1Q21 growth as a result of an easing of restrictions, which should be ZAR supportive in the near-term.
  • Spot is hovering above the 50dma and will need to close below to make the next leg lower.
  • Yesterday's low at 14.9739 should act as a short-term bear-trigger to open up a move towards Sup1: 14.8685, followed by Sup2: 14.7761 (21 Jan low), Res1: 15.0718, Res2: 15.1544
MNI London Bureau | +44 020-3983-7894 |
MNI London Bureau | +44 020-3983-7894 |

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