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ZAR: Rand Erases YTD Gains vs. USD, Sits Over 1% Weaker Today

ZAR
EM BulletBulletEmerging Market News

Despite relatively muted ranges across G10 currency markets, USDZAR has rallied 1.1%, clearing last week’s highs and extending the bounce off the December lows to around 5% in the process. Today’s gains sees the rand swing into the red versus the dollar in terms of spot gains on a year-to-date basis having previously been one of the few EM currencies to have recorded an advance against the greenback (alongside MYR and HKD).

  • While most recent gains for USDZAR lack any obvious driver, the broader rally over the past month was bolstered last week when the pair closed above the 200-DMA for the first time since June. Furthermore, resistance at 18.3951, the Nov 14 high and bull trigger, has been cleared, signaling scope for further gains towards 18.6850, the Aug 5 high.
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Despite relatively muted ranges across G10 currency markets, USDZAR has rallied 1.1%, clearing last week’s highs and extending the bounce off the December lows to around 5% in the process. Today’s gains sees the rand swing into the red versus the dollar in terms of spot gains on a year-to-date basis having previously been one of the few EM currencies to have recorded an advance against the greenback (alongside MYR and HKD).

  • While most recent gains for USDZAR lack any obvious driver, the broader rally over the past month was bolstered last week when the pair closed above the 200-DMA for the first time since June. Furthermore, resistance at 18.3951, the Nov 14 high and bull trigger, has been cleared, signaling scope for further gains towards 18.6850, the Aug 5 high.