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USD/ZAR Hovers Around 15.00, Awaiting Cues Ahead of Jackson Hole

SOUTH AFRICA
  • USD/ZAR trades +0.13% higher this morning, as choppy price action in the BBDXY keeps CEEMEA FX mixed early trading.
  • The cross sustained its bearish momentum in yesterday's session, aided by risk-on conditions to test the 15.00 level.
  • ZAR remains among the most vulnerable high-beta currencies to fluctuations in global risk sentiment, and will continue to do so as we approach the Jackson Hole Symposium on Friday where markets will be looking for further clues/discussion on tapering.
  • With limited data/events on the agenda outside of the Magahsule hearing today (unlikely to move the needle), ZAR should continue to track broad risk sentiment.
  • Intraday Sup1: 14.9065, Sup2: 14.8632, Res1: 15.1377, Res2: 15.2080
MNI London Bureau | +44 020-3983-7894 | murray.nichol@marketnews.com
MNI London Bureau | +44 020-3983-7894 | murray.nichol@marketnews.com

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