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USD/ZAR Pulls Back from a Fresh High as the Greenback Eases Slightly

SOUTH AFRICA
  • USD/ZAR trade -0.36% lower this morning, mirroring early price action n the BBDXY.
  • The cross marked a new high in yesterday’s session at 16.2706 on the back of poor Chinese trade data, softer commodities and early gains in the greenback, which faded into the close.
  • Eskom load-shedding and the prospect for widespread strike action over wages are two key headwinds to activity in 2Q22 with the energy outlook at Eskom looking increasingly gloomy.
  • With limited data on the agenda today, the cross will likely track global risk sentiment and USD-side drivers ahead of CPI data tomorrow.
  • Intraday Sup1: 16.00, Sup2: 15.9593, Sup3: 15.8748, Res1: 16.2064, Res2: 16.2706
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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