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USD/ZAR Surges Above 16.20 as Variant Concerns & Risk Aversion Weigh
- USD/ZAR trades +1.77% higher this morning, driven higher by the imposition of travel restrictions across the globe following yesterday's reports of a new variant of concern.
- The cross broke the 16.00 handle this morning, rising back towards November 2020 levels with upside momentum accelerating into overbought territory on the RSI.
- Price action in the cross remains bullish with the variant alongside EU lockdowns sparking broad risk aversion on a global scale. Notable move in ZAR/JPY overnight, now down -2.24% and approaching the 7.00 handle.
- USD/ZAR risk reversals seen ticking higher on a 1w & 1m basis.
- Notable topside levels in USD/ZAR seen at 16.3385, 16.7411 & 17.1554. Intraday Sup1: 16.1044, Sup2: 16.0373
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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.