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Pressure on Rand Sustained as Greenback Extends Gains

ZAR
  • USDZAR continues to trade close to the cluster of highs printed earlier today as EURUSD marks a fresh intraday low. Sustained greenback strength throughout Tuesday’s session, as well as weakness across the major global equity benchmarks, has been weighing on the EM FX basket, though the rand is a notable underperformer in the space as softer gold prices (spot gold -0.83%) provide an additional headwind to the currency.
  • Comments from SARB Governor Kganyago, who said rates are likely to remain higher for longer, has been unable to offer the local currency any reprieve. Looking ahead, comments from Fed’s Waller will be closely watched later today, while domestic Retail Sales data will cross tomorrow.
  • Despite today’s 1.25% move higher, no key resistance levels have been breached. 18.9609, the Jan 5 high, is the most immediate upside level to watch while key resistance is found further out at 19.1386, the Dec 11 high. A break would strengthen a bullish theme and signal scope for a climb towards 19.6399, the Oct 6 high.
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