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- USD/ZAR trades +0.34% higher this morning, driven by a firmer BBDXY in early trading.
- The cross remained choppy in yesterday’s session, paring a substantial portion of the 1.65% move down to 15.772 for a -0.63% daily decline.
- Covid cases leapt higher to 11,535 and 44 new deaths – accelerating sharply and prompting officials to make an announcement on new restrictions next week.
- Uncertainty over the variant is still elevated with markets watching hospitalisation numbers closely for potential signs of medical facilities being overwhelmed. The domestic push for mandatory vaccinations seems to have the support of unions and may be implemented early 2022.
- Attention will be on NFPs for USD-side drivers, which are robust so far this morning.
- Here, a break above 16.1044 in USD/ZAR would likely bring the prior highs at 16.30-16.50 into focus, while a move below 15.7657 may open up a retest of the 15.40-15.60 zone.
- Intraday Sup1: 15.9366, Sup2: 15.8472, Res1: 15.0373, Res2: 16.1044, Res3: 16.2383