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Rand Off Worst Levels, Remains Weakest Currency in EMEA

ZAR
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.
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