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Rand Weakens In Holiday-Thinned Liquidity, EUR/ZAR Soars Past Key Round Figure

ZAR

Spot USD/ZAR is pushing higher in thin liquidity as South Africa observes a public holiday. The rate last changes hands at ZAR18.6044, up ~850 pips on the day, moving through yesterday's high. Bulls set their sights on Mar 8 high of ZAR18.7192, the rate's best level in three years. Bears keep an eye on ZAR18.0420, which cushioned losses on Mar 14.

  • EUR/ZAR has ripped through the psychologically significant ZAR20.0000 level this morning and last deals at ZAR20.0552, some 2,000 pips better off. There is a cluster of intraday highs printed last September in the ZAR20.0557/20.00950 area coming up next.
  • The composite BBG Commodity Index has inched higher (+0.3%), but the precious metals subindex (-0.5%) is easing off multi-week highs, creating a potential headwind for the Rand.

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