Free Trial

Rand Off Worst Levels, Remains Weakest Currency in EMEA

USDZAR has eased off its intraday highs around 19.14 despite the sustained move higher for US yields through the NY crossover, which keeps pressure on the broader EM FX basket. Nevertheless, the local currency remains the weakest in EMEA, while USDZAR remains relatively close to this morning’s multi-month highs, up 0.5% to start the week.
  • The lowest CPI print in China since November 2020 and fresh cyclical lows in the Bloomberg Commodity Index both potentially facilitated the extension of post-NFP USDZAR strength this morning.
  • From a technical standpoint, the bullish theme in USDZAR has been strengthened following the recent clearance of key resistance at 18.9570, the Nov 24 high. The break of that level opens 19.2710, the Oct 26 high.

To read the full story



MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.