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Free AccessUSD/ZAR Tests 15.00 for First Time Since March, Price Action Holds Above 200dma
- 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
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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.