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Free AccessUSD/ZAR Rises +3.22% W/W Following Less Hawkish SARB
- USD/ZAR trades -0.22% lower this morning, tracking early price action in the BBDXY.
- The cross rose +3.22% last week on the back of a less hawkish SARB, softer terms of trade and a hawkish FOMC.
- The focus this week will be on local politics as ANC infighting continues and the second part of the Zondo report is released.
- Trade balance and PMI data will also be eyed this week with markets expect the surplus to narrow on the margins.
- US ISM and NFP data will be the key USD-side drivers for the week, with markets still uncertain about the Fed’s next steps in 2022 with speakers not discounting chances of +50bp steps and an overall tighter policy stance this year.
- Price action in USD/ZAR pulled back from the 100dma after making a close above 15.50 on Friday. ZAR should remain vulnerable to shifting Fed policy expectations and broad risk sentiment this week.
- Intraday Sup1: 15.5230, Sup2: 15.4435, Res1: 15.6681, Res2: 15.7657
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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.