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USD/ZAR Pauses for Breath Around 14.80 After SARB Delivers Necessary +50bp Hike

SOUTH AFRICA
  • USD/ZAR trades +0.05% higher this morning, hovering just above 14.80 with the BBDXY fading off its highs.
  • As expected, the cross pushed lower following the SARB’s decision to hike rates by +50bp to 4.75%. Governor Kganyago highlighted key risks to outlook from falling behind the curve on inflation with the decision to front-load the cycle aimed at supporting the currency and anchoring expectations.
  • Most Analysts do not see the need for an aggressive tightening cycle at this stage, but note that the July meeting will be a close call between +25bp and another +50bp step.
  • This, however, will depend on the trajectory of food and fuel prices in the interim period between meetings. Intraday Sup1: 15.7965, Sup2: 15.6487, Res1: 15.9593, Res2: 16.0808
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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