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Bullish Outlook


Trend Needle Still Points South


US-ASEAN Summit Concludes


Risk-On Sentiment Dominates

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  • USD/ZAR trades +0.11% higher this morning, pausing for breath after making a solid move lower yesterday to reach 15.28 on the back of US CPI.
  • Selling pressure on the BBDXY continues to drive the cross lower, but price action must now move through the 100dma (15.2499) to make the next leg towards 15.00.
  • The cross continues to trade in line with global risk sentiment and firming commodity prices with Citi’s terms of trade index rising +4.16% yesterday to a new two-month high.
  • Markets will continue to digest US CPI and Fed comments today, with the focus then shifting to US retail sales tomorrow.
  • Intraday Sup1: 15.2120, Sup2: 15.1438, Res1: 15.4730, Res2: 15.5230
  • Citi SA ToT

MNI London Bureau | +44 020-3983-7894 |
MNI London Bureau | +44 020-3983-7894 |

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