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Free AccessUSD/ZAR May Find Support on SARB Hold, With Some Pricing In a Hawkish Reaction to Recent Unrest
- USD/ZAR trades -0.38% lower this morning, broadly in line with weakness in the BBDXY and firmer risks sentiment out of APAC.
- The cross pulled back from 14.75 resistance in yesterday's session as upbeat US earnings buoyed global risk sentiment against burgeoning concerns surrounding the Delta variant that has rattled global markets this week.
- Today's focus, however, will be on the SARB which is expected to keep rates unchanged at 3.5%.
- Relatively contained inflation, high unemployment and concerns over risks to the recovery narrative from social unrest and covid should see the Governor keep guidance carefully consistent and marginally dovish for fear of spooking markets.
- Despite recent sell-side calls for expedited normalisation in November, we stick with our base case of unchanged rates until 1Q22, given the muted aggregate demand impulse.
- An unwind in relatively hawkish expectations for this meeting could see a minor dovish repricing post-meeting with USD/ZAR trading higher.
- Intraday Sup1: 14.5042, SUP2: 14.4547, Res1: 14.6577, Res2: 14.7583
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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.