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USD/ZAR Falls Short of 14.50 as Risk-On Sentiment Fades

SOUTH AFRICA
  • USD/ZAR opens +0.41% higher as softer risk sentiment out of APAC and a firmer BBDXY filter through into today's price action.
  • ZAR outperformed yesterday amid broad-based risk-on conditions, having sold-off sharply in recent weeks following a bout of social unrest.
  • USD/ZAR retested the 14.50 handle, but failed to hold below the level.
  • Today's focus will be on trade balance data – expected to remain flat at 54bn, keeping SA's terms of trade firmly in positive territory and ZAR supportive.
  • A better week for SAGBs has also bolstered ZAR this week, offsetting the rise in covid cases.
  • The covid situation remains uncertain with cases risking and falling in different areas, making to too soon to call a peak in infections.
  • Intraday Sup1: 14.5042, Sup2: 14.4098, Res1: 14.6577, Res2: 14.7583
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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