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USD/ZAR Holds Its Range above 16.00 as Unemployment, Trade Balance Data Looms

SOUTH AFRICA
  • USD/ZAR trades +0.11% higher this morning, treading water within the newly defined range from 16.07-16.30 as markets continue to digest Omicron developments.
  • While the variant seems to be spreading fast, deaths have been limited so far with numbers staying extremely low for now.
  • Despite appeals from Ramaphosa, most countries remain resolute in their commitments to travel bans which will create a substantial drag on economic activity into year-end.
  • Unemployment data is expected to reflect the gravity of the situation with local analysts expecting a higher print in 3Q as the pandemic continues to weigh on the labour market.
  • On the other hand, trade balance data is set to improve, while the budget balance becomes more deeply negative.
  • ZAR sentiment remains fragile at present and should continue to trade in line with global risk and central bank developments.
  • 1w & 1m risk reversals remain elevated, showing limited signs of moderation with uncertainty still high. Intraday Sup1: 16.1044, Sup2:15.9742, Res1: 16.2383, Res2: 16.2935
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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