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Greenback Strength Sees USDZAR Trade at Week High

SOUTH AFRICA
  • Broad dollar strength in the early hours of European trading has seen USDZAR break through 17.4275, the week’s high. Meanwhile, 10Y South African bond yields reached the highest level of the week and are trading ~10bps higher as local bonds continue to trade softer.
  • The moves lower in ZAR coincide with intraday gold weakness following a sharp rally in the yellow metal last week. Nevertheless, the short-term outlook remains bullish with key support sitting well away at 1702.3, the Nov 9 low, while the 1800 handle is to watch on the upside.
  • Upside USDZAR resistance remains some way off at 17.8886, the 20-day EMA, while the trendline support at 17.1763 remains the key level to watch. A break of this level would affirm the pair’s bearish outlook.
  • Looking ahead to next week, notable events include the CPI data release on Wednesday (Exp. 7.4 Y/Y, 0.2% M/M) and the SARB rate decision on Thursday where a 75bps hike is expected.
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