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Rand Underperforms EMEA Peers as Global Themes Remain the Driver

ZAR
USDZAR has recorded fresh session highs in recent trade and last deals at around 19.1200. The move coincides with the slight uptick in the DXY and the ongoing pressure on the long end of the Tsy yield curve which has seen 30-yr yields rise to their highest point since 2007. There has been little in the way of domestic catalysts today with risk sentiment the broad driver across EM FX and the rand a notable underperformer.
  • USDZAR has now traded higher for four consecutive sessions, and is ~0.65% higher on the week overall despite a firmer commodities backdrop - evidenced by the increasingly bullish theme in gold this week.
  • Technically, the move back above the 50-day EMA Wednesday was a bullish development and confirms that the recent move lower was corrective. That average intersects today at 18.9400. A more sustained break of this level would instead signal scope for a deeper retracement and expose 18.3805, the Aug 24 low. On the topside, focus remains further out at the bull trigger which resides at 19.6399, the Oct 6 high.
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