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USD/ZAR Eyes 15.00 & its 200dma as Risk-On Builds Over Ukraine Talks, PBoC Support

SOUTH AFRICA
  • USD/ZAR trades -0.40% lower this morning, mirroring early price action in the BBDXY as global risk sentiment improves in line with PBoC support and signs of compromise in Ukraine-Russia talks.
  • The cross fell -0.23% yesterday as choppy rangebound trading persisted, despite the sharp drop-off in commodity prices and SA’s terms of trade. Today’s focus is on Ukraine negotiations, followed by the FOMC where the Fed is expected to deliver its first +25bp hike in the cycle.
  • Markets expect a dot plot median of at least 5 hikes in 2022 with hawkish risks to the upside, while guidance on balance sheet reductions will be monitored closely.
  • Discussion surrounding suspending the fuel levy will also be crucial as it holds notable fiscal risks. USD/ZAR remains pegged between its 100 & 200dma in the 15.50-15.00 range with risk on potentially adding downside pressure in the cross today.
  • Intraday Sup1: 14.9935, Sup2: 14.9133, Res1: 15.1431, Res2: 15.2155
MNI London Bureau | +44 020-3983-7894 | murray.nichol@marketnews.com
BulletEM BulletEmerging Market NewsHomepage
MNI London Bureau | +44 020-3983-7894 | murray.nichol@marketnews.com
BulletEM BulletEmerging Market NewsHomepage

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