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- USD/ZAR trades -0.22% lower this morning, tracking early selling pressure in the USD post-FOMC minutes.
- The cross continued to slide in yesterday's session, falling -1.09% to hold below key support at 14.80 to create a bearish engulfing candle on the daily chart just above the 50dma.
- As expected, the fed alluded to a November taper of $120bn, but fell short of providing a rates lift-off forecast which swaps markets have fully priced in around September 2022.
- Rumours of renewed ANC ructions ahead of local elections does not bode well for the party, which many analysts believe will suffer a decline in support but still manage to win the overall vote.
- The resurgence of suspended ANC SG Magashule is an interesting dynamic as he has been quiet for some time, and will be monitored closely in the coming weeks.
- On the international front, US PPI will be monitored for further signs of inflationary pressures being passed through producer channels amid sharply rising energy prices.
- Momentum has made a notable shift lower in USD/ZAR after breaking 14.80, but will need to clear and close below the 50dma as the next major hurdle.
- Intraday Sup1: 14.6978, Sup2: 14.6072, Res1: 14.8166, Res2: 14.9065