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Rand Outperforms as USDZAR Nears 50-Day EMA

ZAR
USDZAR has fully reversed its earlier gains and is now 0.36% lower on the session at typing – putting the pair within close proximity to the 50-day EMA at 18.9359. The most recent lower move can be attributed to the bounce in major equity indices and reversal in long-end US tsy yields from fresh cycle highs earlier in the session – moves which have been supportive of broader EM FX as well.
  • Technically, the move in USDZAR back above the 50-day EMA last week was a bullish development and confirms that the recent move lower was corrective. That average intersects today at 18.9359. A more sustained break of this level would instead signal scope for a deeper retracement and expose 18.3805, the Aug 24 low.
  • Reports that SARB Deputy Governor Naidoo has resigned did little to move the needle. Naidoo, one of three deputy governors, had a contract that was due to end in March 2025, Fin24 reported on its website. In a text message to Bloomberg, Naidoo said his departure date is still to be decided on.
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