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USD/ZAR Trims Early Upside Following Lower CPI at 5.7% Y/Y

SOUTH AFRICA
  • USD/ZAR trades +0.15% higher this morning, trimming downside from yesterday's session on the back of a bid in the greenback this morning.
  • The cross fell -0.58% yesterday, making a notable break through last week’s lows to reach an intraday low of 14.784.
  • This morning’s softer CPI print likely reinforces the SARBs ability to make a cautious +25bp hike to avoid pre-emptively overtightening and hobbling the fragile recovery.
  • However, Kganyago will likely still reiterate a hawkish pivot with markets closely monitoring potential for an acceleration in the pace of tightening over the coming months – although this is not the base case for now.
  • Ramaphosa made minor tweaks to the covid-19 restrictions, but fell short of any meaningful changes or removing the state of disaster.
  • Momentum remains bearish in the cross, with the next downside supports seen at 14.7634, followed by 14.6539 & 14.5639.
  • Intraday Sup1: 14.784, Sup2: 14.6539, Res1: 14.8548, Res2: 14.9133
MNI London Bureau | +44 020-3983-7894 | murray.nichol@marketnews.com
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MNI London Bureau | +44 020-3983-7894 | murray.nichol@marketnews.com
BulletEM BulletEmerging Market NewsHomepage

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