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USD/ZAR Drifts Towards its 50dma, 4th Wave Showing Signs of Peaking

SOUTH AFRICA
  • USD/ZAR trades +0.21% higher this morning, treading water around the open following yesterday’s late move lower.
  • The cross fell -0.76% yesterday, broadly in line with USD selling pressure as risk conditions improved globally.
  • On the covid front, more regions are set to reach peak infections in the coming days with data reflecting more moderate symptoms for the Omicron variant.
  • NEC leaks are yet another political hurdle for Ramaphosa to face in 2022 ahead of the National Elective Conference in 2022 with detractors gaining as much ammunition as possible to continue undermining his support base.
  • USD/ZAR continues to drift lower towards its 50dma at 15.50 with yesterday’s price action forming a bearish engulfing candle.
  • Intraday Sup1: 15.6775, Sup2: 15.5777, Res1: 15.8099, Res2: 15.8472
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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