Free Trial

USD/ZAR Tops 17.00 For First Time Since 2020

ZAR
  • USD/ZAR now north of 17.00 for the first time since Q3 2020 in the midst of the COVID crisis. Key drivers here are the prolonged loadshedding risks despite the wage deal struck between Eskom and unions as well as a new wave of political uncertainty stemming from the reduced chances of Ramaphosa being re-elected as head of the ANC later this year.
  • This sets the scene for an extension higher towards 17.0823, 61.8% of 2020 - 2021 bear cycle and 17.1251 next, the 1.382 projection of the recent Jun 9 - 13 - 15 price swing. Initial firm support is at 16.2512 the 20-day EMA.

To read the full story

Close

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.