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USD/ZAR Stuck Within the 14.80-15.20 Range, Global Risk Sentiment in the Driver's Seat

SOUTH AFRICA
  • USD/ZAR trades +0.57% higher this morning, bolstered by a firmer BBDXY.
  • The cross fell -0.34% in yesterday's session to retest the 15.00 handle, but failed to make a decisive close below the level – keeping price action contained within the 15.20-14.80 lateral range.
  • Strike action is set to accelerate this week with Cosatu launching its national action in tandem with Numsa – which has analysts concerned about damage to the construction industry.
  • However, companies have said they are better prepared than in 2014 when a four-week strike cost SA R6bn.
  • Beyond this, there's little else on the radar – making global risk sentiment the predominant driver in the cross.
  • A daily close above 15.11 today would likely signal another test of the 15.25 level, while a close below 14.95 may provide more impetus to sellers to target the 50dma below.
  • Intraday Sup1: 14.9874, Sup2: 14.9065, Res1: 14.1367, Res2: 14.2080
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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