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BLOCK, Large 5Y Buy


Key Support Levels Remain Intact

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  • USD/ZAR trades +0.37% higher, tracking early price action in the BBDXY.
  • The cross turned higher in yesterday’s broadly risk-off session, rattled by Russia-West tensions over Ukraine that generated a safe haven bid on the greenback.
  • Sentiment remains tentative this morning, with the global focus shifting to tomorrow’s FOMC meeting.
  • Markets are expecting Powell to signal a +25bp hike in March, with anything short of that likely to be deemed relatively dovish.
  • Following that the SARB is expected to raise its repo rate by +25bp in line with forward guidance for a gradual normalization of policy as exogenous price dynamics drive CPI towards the upper band of the 3-6% target range.
  • Price action in USD/ZAR has returned to the 100dma (15.3195), but should continue to trade in line with global risk sentiment. Improved terms of trade and PBoC support have been keeping ZAR underpinned in recent sessions, despite widening internal divisions within the ANC.
  • Intraday Sup1: 15.2120, Sup2: 15.1438, Res1: 15.3663, Res2: 15.4435
MNI London Bureau | +44 020-3983-7894 |
MNI London Bureau | +44 020-3983-7894 |

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