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USD/ZAR Brushes Off SARB Hike on Promises of Gradual Increases

SOUTH AFRICA
  • USD/ZAR trades -0.15% lower this morning, mirroring early price action in the BBDXY.
  • Broad USD strength kept the cross biased higher last week, ending +2.74% higher after breaking the 15.50 handle ahead of the SARB meeting.
  • The 25bp hike did little to offset ZAR weakness with the MPC guiding towards gradual hikes, resulting in mixed perceptions of hit being a dovish hike, given moderate CPI upgrades and growth downgrades.
  • With limited data on the agenda outside of PPI, the domestic focus will be on coalitions with the deadline for coming tomorrow.
  • Key metros such as Joburg & Tshwane are still up in the air, but we expect announcements shortly.
  • Beyond local politics, the FOMC minutes will be key to gauge for clues on the taper/rates lift-off timeline and Fed concerns over inflation.
  • Intraday Sup1: 15.6638, Sup2: 15.577, Res1: 15.7657, Res2: 15.9807
MNI London Bureau | +44 020-3983-7894 | murray.nichol@marketnews.com
BulletEM BulletEmerging Market NewsHomepage
MNI London Bureau | +44 020-3983-7894 | murray.nichol@marketnews.com
BulletEM BulletEmerging Market NewsHomepage

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