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USD/ZAR 1W Risk Reversals bounce as USD/ZAR hits 13.50

SOUTH AFRICA
  • An uptick in activity was noted in yesterday's session, where USD/ZAR riskies traded choppily to form a new swing low at 1.2325, before closing higher on the day.
    • We now sit 0.45 points above these lows and +0.23 points on the day – belying some brewing concerns about the veracity of the current bear trend.
  • USD/TRY 1W Risk reversals have also notched +0.94 points higher this week, spurred higher by Erdogan's dovish comments RE rate cuts.
    • We now stand at 4.80, well below March highs at 12.00, driven by Agabal's removal from the CBRT.
  • By contrast USD/RUB 1w Riskies have remained more subdued relative to its peers, lifting +0.18 points from the weekly lows.

  • USD/ZAR25R1W


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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