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USD/ZAR Approaches Session Highs Again, Recouping Post-GDP Losses

ZAR

Spot USD/ZAR has clawed back losses registered after the release of better-than-expected South African GDP data and last deals at 19.2531, up ~1,750 pips on the session, with negative risk sentiment and Stage 6 loadshedding keeping the rand under pressure. The rate is close to testing its intraday high of 19.2692. Above there would open 19.3301, the 76.4% retracement of the Jun 1 - Jul 27 sell-off.

  • CNH/ZAR is operating just shy of a key short-term resistance area. The pair sits +108 pips at 2.6329, with bulls looking for gains past Jul 7 high of 2.6441 after this level kept a lid on price action last month.
  • Electricity Minister Ramokgopa said that loadshedding should ease to lower levels by the end of this week. The recent escalation came on the back of a confluence of unexpected breakdowns and the intensification of maintenance works.

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