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Free AccessUSD/ZAR Approaches 15.00 as Rand Remains Vulnerable to Risk-Off
- USD/ZAR trades +0.68% higher this morning, tracking early upside in USD/CNH and the BBDXY as risk-off filters through from the APAC session.
- ZAR underperformed yesterday as poor China data rattled global risk sentiment, and sent reverberations through commodity currencies.
- The cross is now approaching the 15.00 handle, having broken last week's highs at 14.9065 and established a more dominant base above the 200dma.
- Sentiment is still weak in ZAR following the cabinet reshuffle, and seems to be asymmetrically vulnerable at present to risk-off selling with peers RUB & TRY faring better against bouts of USD strength.
- While the NCCC is expected to discuss and possibly expedite the vaccine rollout to 18-35s by the end of the week, the focus remains on global factors including US data and tomorrow's FOMC minutes.
- Momentum in USD/ZAR remains bullish with 15.00 and 15.29 becoming the next major topside targets, should risk conditions continue to sour.
- Intraday sup1: 14.8632, Sup2: 14.7955, Res1: 14.9599, Res2: 15.0309
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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.