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Risk-On Moves Aid Reversal in USDZAR Back to Friday's Lows

ZAR

USDZAR losses have accelerated through 18.60, the post-NFP lows. The decline in US yields and greenback weakness has aided the move lower, while the rand has been resilient to weakness in gold. Despite having now recorded a 2% pullback from Friday’s high, USDZAR remains some way off last week’s lows at 18.2639.

  • Risk-on (evidenced by aforementioned greenback weakness and US equities adding to opening gains) has benefited the wider EM FX basket, with market participants looking ahead to the US CPI print on Thursday.
  • Nevertheless, a more neutral technical trend condition in USDZAR dominates for now. Key resistance to watch is 19.1386, the Dec 11 high. A break would strengthen a bullish theme and signal scope for a climb towards 19.6399, the Oct 6 high. On the downside, key support has been defined at 18.1092, the Dec 15 low.
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