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Free AccessUSD/ZAR Marches Lower, Eyeing 14.80-15.00 Ahead of 27 Jan SARB
- USD/ZAR trades -0.25% lower, mirroring price action in USD/CNH.
- The cross resumed its move lower, consolidating its recent break of the 100dma.
- Higher CPI, PBoC Support and higher commodity prices have supported ZAR this week, facilitating the 1.22% weekly gain vs the USD.
- Momentum remains to the downside with the cross yet to reach oversold territory on the RSI.
- The next major focus will be PPI data and the SARB meeting next week with a +25bp hike expected alongside upgrades to SA’s 2022 average CPI forecast from 4.4% to 5.0-5.3% y/y.
- the cross remains sensitive to price action in USTs and broad risk sentiment, with the next downside support coming in at 14.80-15.00 with the 200dma rising into this range.
- Intraday Sup1: 15.0990, Sup2: 15.0222, Res1: 15.2660, Res2: 15.2963
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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.