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USD/ZAR Flirts With 16.00 On USD Volatility, NFPs Eyed Into the Weekend

SOUTH AFRICA
  • USD/ZAR trades -0.33% lower this morning after a broadly choppy session yesterday as ISM data and comments from Powell continued to drive volatility in the USD.
  • The cross rose +0.88% on the day after failing to hold onto a move below the 15.80 handle as USD strength returned.
  • Covid cases registered an alarming increase, almost doubling overnight but deaths remained mostly constant – speaking to the transmissibility element of the Omicron variant but question marks remain over its deadliness.
  • Ramaphosa has shown little interest at this juncture in boosting restrictions, but pressure may emerge when cases move into the 15-20k/day range.
  • Countries have also not shown any signs of lifting travel bans on SA – leaving the country vulnerable to a poor tourism season.
  • Payrolls tomorrow will be the next big-ticket item on the agenda with the USD still decidedly volatile.
  • Intraday Sup1: 15.8888, Sup2: 15.7657, Res1: 16.0373, Res2: 16.1044
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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