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Post-Data Greenback Strength Aids Recovery in USDZAR

ZAR
USDZAR has returned back above 19.00 having fallen to as low as 18.8422 earlier in the session, with today's spot losses now amounting to just 0.25% (compared to -1.28% in the immediate aftermath of the US inflation data). Post-data greenback strength primarily aided the recovery, though a softer commodities complex (evidenced by the 0.75% decline in the Bloomberg Commodity Index) may be providing an additional headwind to the local currency.
  • From a technical standpoint, a second consecutive close above the 19.00 level could strengthen the current bullish theme and open 19.2710, the Oct 26 high. Yesterday’s highs just below 19.15 is a more immediate target for the bulls.
  • While there has been little in the way of domestic drivers, the Cabinet's approval for PetroSA's recommendation of an investment partnership with the regional bank of GazpromBank raised some concerns yesterday, with some flagging the risk of exposure to secondary sanctions by the US.
  • CPI data is on the docket tomorrow morning (Est: +5.4% y/y; Prior: +5.9%) ahead of a number of key global risk events including the Fed rate decision Wednesday evening and the ECB rate decision later in the week.
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