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USD/ZAR Tests Fibo Resistance Ahead Of Ramaphosa Speech

ZAR

Spot USD/ZAR has moved higher, piercing yesterday's best levels, despite a stabilisation in the BBDXY index. South African headline flow has been slow so far, with President Ramaphosa's reply to the parliamentary debate on his SONA due imminently.

  • Spot USD/ZAR last deals at ZAR18.1293, up ~980 pips on the session, testing resistance from the 76.4% retracement of the Oct 13 - Jan 12 sell-off at ZAR18.1363.
  • Local-currency bond yields last sit 4.7-6.2bp lower, curve runs slightly flatter.

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