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USD/ZAR Drifts Towards its 50dma as Risk Conditions Improve

SOUTH AFRICA
  • USD/ZAR trades -0.13% lower, tracking early price action in USD/CNH.
  • The cross continued to drift lower yesterday, falling -0.31% to close below 15.70 on the day amid thin holiday markets as risk sentiment improved slightly on fading Omicron fears.
  • Muted trading expected today ahead of the Christmas break.
  • USD/ZAR continues to drift towards its 50dma at 15.52 with supports coming in around the 15.50 -15.30 zone that may keep the cross underpinned in the near-term.
  • Intraday Sup1: 15.577, Sup2: 15.4730, Res1: 15.6749, 15.7147
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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