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Rand Fully Reverses Earlier Gains

ZAR

The downtick in EURUSD to today’s lowest levels pressured the rand, with USDZAR (+0.35%) seen extending its recovery from its earlier low of 18.6945 - which closely matched the mid-September lows in that region. The currency is one of the weakest in the EMEA region so far today.

  • The pair, nevertheless, remains above yesterday’s high and some way off resistance at 19.6399, the Oct 6 high, further out. On the downside, the Sep 20 low at 18.6825 has been marked as the initial support level to watch.
  • Inline with Exp. CPI data earlier this morning did little to move the needle and will likely keep the SARB on track. Recall yesterday's MPR: "Core inflation, however, remains high [...], risks to both headline and core inflation are elevated". ZAR FRAs, instead, are moving inline with global themes. Retail sales figures will cross at 1200BST/1300SAST.
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