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EUR/ZAR Refreshes Cyclical Highs As Rand Lands At Bottom Of EMEA Pile

ZAR

EUR/ZAR has extended gains after yesterday closing above ZAR19.6833, which represents the 76.4% retracement of its 2020 - 2022 slump. The pair refreshed its two-and-a-half year highs and topped out at ZAR19.8705 and remains in the vicinity of this level. The next stop on the topside is the psychological ZAR20 figure.

  • USD/ZAR is diverging from the BBDXY as the gauge of dollar strength extends losses while USD/ZAR rebounds. The rate last deals at ZAR18.5324, up ~580 pips on the session.
  • This comes even as the FTSE/JSE Africa All Share lodged a new three-month low after the re-open only to claw back these initial losses and rally ~2.1% above its previous close. The upswing was powered by a rally in mining stocks.

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