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SOUTH AFRICA
  • USD/ZAR tracking USD/CNH to retrace an early push lower towards 14.80 on an upbeat APAC session and softer greenback.
  • Commodities continue to shine with gold +0.61% & platinum 1.65%, adding support to ZAR.
  • Yesterday's news that SA halted the rollout from its biggest vaccine producer, dampened sentiment slightly, but it seems new plans regarding Sputnik V could be on the cards.
  • Price action remains choppy within the 15.10-14,80 band as the cross pushes for a more decisive direction.
  • More sustained $ weakness and favourable risk sentiment has given the cross a firmer downside bias, but with $ net short positioning still very one-sided & inverted H&S on the DXY not fully rejected, the tail risk of an unwind still remains a threat.
  • Cross needs to clear Sup1: 14.7855 to make a more consolidated move lower towards sup2: 14.5086, Res1: 14.9078, Res2: 15.00
MNI London Bureau | +44 020-3983-7894 | murray.nichol@marketnews.com
MNI London Bureau | +44 020-3983-7894 | murray.nichol@marketnews.com

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