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- USD/ZAR trades +0.42% higher around the open, tracking weaker risk sentiment out of APAC this morning as equity indices continue to slide.
- The cross ended a fraction lower yesterday after attempting to breach the 15.00 handle for the first time since March.
- Dollar weakness helped the cross settle lower to form a bearish gravestone doji candle on the daily, but managed to close above the 200dma.
- Markets paid little attention to the conclusion of the public sector wage deal, which is a notable for govt and the fiscal consolidation push.
- Focus, however, remains on the FOMC with markets expecting a mostly neutral response from the Fed with Citi looking to fade moves higher in the USD into and after the meeting.
- 15.00 remains the key level to watch in the cross – opening up 15.30 & 15.50 to the topside.
- Strong bond market activity yesterday was ZAR supportive, but will need to be monitored for longevity.
- Wider real yields on falling inflation keeping real yields/carry differentials attractive.
- Intraday Sup1: 14.7583, SUP2: 14.6577, Res1: 14.9957, Res2: 15.2031