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USD/ZAR Holds Below 15.00 as Markets Eye Comments From Fed Chair Powell

SOUTH AFRICA
  • USD/ZAR trades -0.35% lower this morning, tracking early selling pressure on the BBDXY and brushing off lower industrial profit numbers in China.
  • The cross was surprisingly resilient in yesterday's session vs peers RUB & TRY, bolstered by the recent GDP rebasing that increased the size of the economy and reduced debt:GDP metrics.
  • 15.00 resistance remained intact, despite volatility surrounding comments from Fed members about a near-term Fed Taper - supporting bearish momentum in the cross.
  • With no major data on the agenda, the focus will undoubtedly be on Fed Chair Powell as markets look for comments on yesterday's remarks from Bullard & Kaplan - in what was initially expected to be a non-event meeting.
  • While the expectation is for Powell to tread more carefully than his peers yesterday, risks remain elevated in terms of intraday volatility.
  • 14.88 support represents an important level in terms of a potentially deeper move lower in the cross.
  • Intraday Sup1: 14.7955, Sup2: 14.7583, Res1: 15.00, Res2: 15.0546
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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