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USD/ZAR Treads Water Below its 50 & 100dma as Ukraine War Rages On

  • USD/ZAR trades +0.03% higher this morning, treading water with the USD seeing a slight resurgent bid in early trading, having eased off yesterday’s highs.
  • ZAR held up better than most of its CEEMEA peers yesterday owing to upside pressures in PGM prices supporting SA’s terms of trade. Gold and platinum stand +0.15-0.42% higher this morning, having trimmed gains on the back of a flip to risk-on in US equities.
  • The Ukraine situation remains the primary driver of global markets, with analysts now looking for the next steps in the crisis and whether NATO territories will be drawn into a broader conflict.
  • Western allies have shows an unwillingness to disconnect Russia from SWIFT, but imposed a broad package of sanctions.
  • Focus in USD/ZAR is on the 50 & 200dma above at 15.44 for a breakout higher, while failure to do so should keep the cross in the 14.90-15.50 range.
  • Intraday Sup1: 15.2633, Sup2: 15.2155, Sup3: 15.1431, Res1: 15.3663, Res2: 15.445, Res3: 15.5230
  • USDZAR 1m Risk Reversals Rising

MNI London Bureau | +44 020-3983-7894 |
MNI London Bureau | +44 020-3983-7894 |

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