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Free AccessUSD/ZAR Flirts With 16.00 as FOMC Minutes Loom
- USD/ZAR trades -0.05% lower this morning, tracking early selling pressure in the BBDXY.
- The cross fell -0.15% in yesterday's session after a bumpy ride within the 15.75-15.94 range as idiosyncratic lira volatility, combined with continued USD strength, caused some regional contagion effects.
- Today's focus will be primarily on the FOMC minutes as markets gauge the possibility of an expedited taper/rates lift-off timeline which has been supporting the USD in recent sessions.
- Commodity prices continue to slide against the backdrop of a firmer USD with gold and platinum slipping below $1,800 & 1,000/Oz respectively – although the fall in oil prices has buoyed SA's terms of trade on the margin.
- USD/ZAR continues to be biased higher in a strong USD and risk-off environment, but may need some more inertia to break 16.00 for the next leg towards 16.33.
- Intraday Sup1: 15.7657, Sup2: 15.7143, Res1: 15.9366, Res2: 16.0841
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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.