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USD/ZAR Extends Recovery Following US Data and Greenback Uptick

ZAR
  • USDZAR briefly pierced above the week’s prior highs on the back of the lower-than-expected IJC figures and accompanying dollar strength, placing the pair at its highest since early March. The most recent comments from SARB’s Kganyago provided little new information of note – though he stated that he doesn’t expect a new inflation target and framework to be ready before the May 29 election.
  • A 1% recovery in gold from yesterday’s lows has been unable to offer the rand any reprieve today, with the currency once again the weakest in the EMEA space. Given the increasing proximity to the elections in May, the rand is likely to remain sensitive to both moves in the dollar as well developments in global political risk.
  • From a technical standpoint, the reversal higher in USDZAR on Apr 10 and subsequent recovery signals a stronger bullish theme. Sights are on resistance at 19.1063, the Mar 28 high. A clear break of this hurdle would strengthen the bullish theme and open 19.3899, the Feb 23 high.
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