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Free AccessUSD/ZAR Holds Below its 100dma as Fed & SARB Meetings Approach
- USD/ZAR trades +0.25% higher this morning, tracking early buying pressure on the BBDXY.
- The cross eked out a -0.14% decline yesterday amid shaky global risk sentiment surrounding the Russia-West crisis, providing safe haven support to the greenback.
- Today’s focus will be on the FOMC where markets are expecting Powell to signal the first +25bp hike in March.
- Anything short of this signal may be interpreted as relatively dovish, but attention will also be on the possibility of an earlier conclusion to tapering for potential hawkish risks.
- This should dominate price action in USD/ZAR, which remains sensitive to fluctuations in global risk sentiment.
- Sellers managed to keep the cross below its 100dma (15.3292) to form an inverted hammer candle on the daily chart.
- Intraday Sup1: 15.1438, Sup2: 15.0674, Res1: 15.3532, Res2: 15.4435
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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.