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Rand Top Performer in EMEA, USDZAR Pierces 20-Day EMA

ZAR
The rand is comfortably the top performer in the EMEA space, as a firmer equity backdrop and weaker greenback support risk currencies more broadly. USDZAR is down 1.13% today, with the pair seen falling to as low as 19.1122, piercing the 20-day EMA in the process. The local currency has been unfazed by the slight weakening of the Bloomberg commodity index, which is down 0.4%, though the precious metals sub-index is 0.1% firmer at typing.
  • Despite the latest move, the trend outlook in USDZAR is unchanged and remains bullish after the pair traded through resistance at 19.3368, the Sep 6 high and short-term bull trigger, last week. The signals scope for a climb towards the June 1 high at 19.9204 next. On the downside, key short-term support is marked at 18.6825, the Sep 20 low.
  • Looking ahead, manufacturing production data is the highlight on the domestic docket. Market participants will also be looking ahead to the US inflation print on Thursday.
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