Free Trial

USD/ZAR Hovers Above its Weekly Lows as NFPs Come Into Focus

SOUTH AFRICA
  • USD/ZAR trades +0.10% higher this morning, treading water just shy of the weekly lows at 15.2083.
  • The cross fell -0.48% in yesterday’s session as mixed risk sentiment filtered through from the US session with both the USD and equities sharply lower.
  • USD/ZAR stands -0.99% lower w/w, and has been relatively resilient in the past few weeks with improving terms of trade and an optimistic fiscal outlook supporting the currency.
  • Next week markets will look to mining production data for signs of improving economic activity following a difficult December period owing to the effects of Omicron travel bans.
  • For today, the focus will be on US NFP data and the labour market implications on Fed policy. A move through 15.2080 support would likely add bearish momentum to the cross to target the prior lows in the 15.10-14.97 range.
  • Intraday Sup1: 15.2080, Sup2: 15.121, Res1: 15.3532, Res2: 15.3914
MNI London Bureau | +44 020-3983-7894 | murray.nichol@marketnews.com
MNI London Bureau | +44 020-3983-7894 | murray.nichol@marketnews.com

To read the full story

Close

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.