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Rand Remains Worst EMEA Performer Today

ZAR

UZD/ZAR keeps trending higher as the Rand consolidates its position as the worst EMEA performer today, with broader demand for the greenback driving the upswing today. EUR/ZAR has eased off its intraday peak of ZAR17.8510 but still trades higher on the day, poised to extend its winning streak to two consecutive days.

  • The broader technical outlook for USD/ZAR remains bearish, unless the pair punches through trendline support-turned-resistance at ZAR17.2996 and rallies further above Nov 17 high of ZAR17.5553 and the 50-DMA at ZAR17.8398.
  • South Africa's 10-year breakeven inflation rate has been creeping higher, increasing the distance from three-month lows printed Thursday, and last sits at 6.21%.

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