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USD/ZAR Trades Choppily Within Its 14.50-15.00 Lateral Range

SOUTH AFRICA
  • USD/ZAR trader -0.16% lower this morning, mirroring early choppiness in the BBDXY.
  • The cross pared early downside to close +0.93% higher in yesterday's session, after failing to break 14.65 and hold below the 50dma.
  • This brings attention back onto the 14.88-15.00 zone. With limited data on the schedule today, markets will look towards PPI data due tomorrow for clues on the SARB's potential rate trajectory in November amid a sharp spike in energy prices - which have also eroded the attractive terms of trade that have been supporting ZAR in recent months.
  • Similar to July, forward rates have begun to price in a hiking cycle in November, with roughly +40bp in hikes expected over a 3-6m period - which now captures 1Q22.
  • USD/ZAR remains choppy within the 14.50-15.00 range, pegged between round number resistance the the 50, 100 & 200dmas to the downside.
  • Intraday Sup1: 14.7822, Sup2: 14.7386, Res1: 14.8615, Res2: 14.9138
MNI London Bureau | +44 020-3983-7894 | murray.nichol@marketnews.com
BulletEM BulletEmerging Market NewsHomepage
MNI London Bureau | +44 020-3983-7894 | murray.nichol@marketnews.com
BulletEM BulletEmerging Market NewsHomepage

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