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​Recent Dip in Greenback Sees USDZAR Trade at Session Lows

ZAR

The rand has been supported by the dip in the greenback today, with USDZAR down 0.25% at typing and operating below yesterday’s pre-Fed levels. Nevertheless, today’s price action remains contained within Wednesday's extremes, with the latest pullback from the mid-January highs still considered technically corrective, for now. A break of initial support at 18.5385, the Jan 12 low, is needed to strengthen the bearish theme.

  • The uptick in gold through the NY crossover is lending an additional tailwind to ZAR and potentially accounting for its outperformance in the EMEA region. Looking ahead, the local data slate is empty for the remainder of the week with just Manufacturing Production data the highlight for next week. The US NFP print tomorrow will therefore be eyed as the next key risk event.
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