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Free AccessUSD/ZAR Eases Off Session Highs Despite Continued Commodity Weakness
The pullback in USD/ZAR from its session highs (ZAR17.46) has outpaced the parallel move in the BBDXY index. The pair last trades ~0.8% off its best levels, while the gauge of broader greenback strength sits just ~0.1% below today's peak.
- USD/ZAR last deals at ZAR17.33, a touch higher on the session. In the grand scheme of things, the rate continues to look for clear directionality after falling below trendline support drawn off Apr 13 cyclical low.
- The commodity complex has offered little in the way of outright support to the ZAR. The aggregate BBG Commodity Index holds its opening losses, with precious metals and industrial metals subindices both weaker on the day.
- South Africa's 10-year breakeven inflation rate dropped to new three-month lows and last sits just above there at 6.20%. All eyes are on Wednesday's CPI data, due just ahead of the SARB's monetary policy decision on Thursday.
- Consensus looks for a 75bp increase to the key policy rate at the SARB's final meeting of the year this week.
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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.