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Free AccessUSD/ZAR Tests 15.50 Ahead of US CPI, Expected to Rise to 7.0% y/y
- USD/ZAR trades +0.08% higher this morning, mirroring price action in the BBDXY.
- The cross fell -0.93% in yesterday’s session, driven lower by broad-based risk-on following comments from Powell.
- ZAR has held up relatively well since the start of the year, gaining +2.75% vs the USD so far.
- Support at 15.50 seems somewhat sticky, but further risk-on in today’s session following CPI may allow the cross to take the next leg lower towards lateral support and the 100dma in the 15.40-15.28 range.
- A return to risk-off and USD strength, however, may bring price action back towards the underside of the 50dma (15.73).
- Intraday Sup1: 15.4730, Sup2: 15.3914, Res1: 15.577, Res2: 15.6638
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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.