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Rand Extends Gains During Public Holiday

ZAR

Spot USD/ZAR continues to trade on a heavier footing, extending recent losses in a low-liquidity environment, with local markets shut for a public holiday. The rate last deals at ZAR18.1737, down ~490 pips on the day. This supports bearish expectations of an imminent test of the psychological ZAR18.00 figure, which supported price action on two occasions in April. Conversely, bulls will try to engineer a rebound above the 20-EMA at ZAR18.8588.

  • South African news flow is dominated by headlines surrounding the peace mission of African leaders to Ukraine and Russia. President Ramaphosa and other African leaders will speak with Ukrainian President Zelensky today, before heading to Russia for talks with President Putin.

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