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USD/ZAR Pulls Back From 16.00 as USD Softens Post-FOMC Minutes

SOUTH AFRICA
  • USD/ZAR trades -0.41% lower this morning, tracking early downside in the BBDXY.
  • The cross continued to trade in in a volatile upwards range, rising +0.46% on the day to fall just short of the 16.00 handle.
  • Broad risk sentiment continues to dictate price action in USD/ZAR and should continue today in the aftermath of the FOMC minutes.
  • The MPC confirmed market expectations for talk of an expedited taper timeline and the possibility of an earlier lift-off for rates with demand-side inflation drivers still robust – adding weight to the strong USD environment we find ourselves in.
  • on the domestic front, markets will be watching Ramaphosa's Q&A session today for discussion of Eskom and the COP26 deal for any sign of a plan to bolster energy security.
  • On the data front, PPI will also be a key gauge of the inflationary environment going into year-end following the SARB's first +25bp rate hike.
  • Intraday Sup1: 15.7657, Sup2: 15.7147, Res1: 15.88, Res2: 15.9433
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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