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USD/ZAR Rejects 15.00 Level, Hawkish FOMC Minutes May Drive More Intra-Day Volatility

SOUTH AFRICA
  • USD/ZAR trades -0.45% lower this morning, tracking early strength in CNH as slightly more positive sentiment filters through from the APAC session.
  • USD/ZAR experienced volatile trading in yesterday's session around mixed US data prints but managed to hold below psychological resistance at 15.00.
  • Domestic focus will be on headline & core CPI data due this morning, with the sell side highlighting scope for a downside surprise in both y/y headline and core figures at 4.5% & 3.0% respectively.
  • Lower or flat prints should reinforce the SARB's accommodative medium-term policy trajectory, while simultaneously boosting real yield/carry differentials – supporting ZAR & SAGBs in a return to the hunt for yield.
  • Retail sales data, however, is expected to drop off in June.
  • Beyond this, the focus shifts to the FOMC minutes for possible hawkish developments on the tapering trajectory that could spur more USD-side volatility in today's session.
  • Intraday Sup1: 14.7955, Sup2: 14.6978, Res1: 14.9065, Res2: 14.9957
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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