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USD/ZAR Biased Higher at the Open, Approaches Prior Reversal Zone

  • USD/ZAR holds its upwards bias at the open, driven higher by upside pressure on USD/CNY, weakness in commodities and continued concerns about a slow vaccine rollout.
  • Bond outflows also lending little support to ZAR.
  • Spot now hovering above 15.3174 resistance around 18 Jan reversal levels.
  • 1Y SA basis swaps +27.38% over a 5-day period, trading above 100 again after pulling lower.
  • Next Res1: 15.4007, Res2: 15.4599. Sup1: 15.2117, Sup2: 15.0617.
MNI London Bureau | +44 020-3983-7894 |
MNI London Bureau | +44 020-3983-7894 |

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