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USD/ZAR Pushes Through its 200dma & 15.00 Support Post-FOMC

SOUTH AFRICA
  • USD/ZAR trades +0.04% lower this morning, tracking early downside in the BBDXY amid firmer global risk conditions.
  • Price action closed below both the 200dma & 15.00 psychological support following last night’s FOMC – opening up a potential move towards the 15.50-15.75 zone.
  • The Fed raise rates by +25bp and signalled hikes at all six remaining meetings for 2022 and balance sheet reduction in the coming meetings to tackle surging inflation.
  • Inflation forecasts were revised upwards and growth downwards, but Powell alluded a very strong economy that was able to withstand tightening – supporting a bid in US stocks.
  • SA’s terms of trade have moderated sharply in line with falling commodity prices, but risk-on is now supporting the currency as Ukraine talks show tentative progress.
  • Eskom continues to be a major concern for 2022 with major profitability/fiscal risks emerging as debt is projected to rise to R416bn this month.
  • Intraday Sup1: 14.88, Sup2: 14.7583, Res1: 15.4075 (200dma), Res2: 15.1431
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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