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USD/ZAR Drifts Higher as Rates Give up Last Week's Gains

SOUTH AFRICA
  • ZAR diverging somewhat from CEMEA peers RUB & TRY, underperforming on risk-off conditions given fairly one way long positioning
  • Spot holding below trendline resistance of the bear channel drawn off the March 2020 highs (14.6855) with the 50dma holding above at 14.9212
  • Rates also struggling to hold onto gains with the curve bull steepening 9.6-11.2bp
  • 30Y now back above 11.00


MNI London Bureau | +44 020-3983-7894 | murray.nichol@marketnews.com
MNI London Bureau | +44 020-3983-7894 | murray.nichol@marketnews.com

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