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ZAR: USDZAR Above 19.00 Handle for First Time Since June Ahead of NFPs

ZAR
EM BulletBulletEmerging Market News

Despite the relatively flat course for the greenback ahead of the NFP report, the South African rand is under further pressure Friday, with USDZAR now over 3% higher compared to the week’s lows and above the 19.00 handle for the first time since June.

  • A clear break here would open 19.2696, the Apr 23 high. Earlier in the week, we pointed out that the 50-DMA has just crossed above the 200-DMA ("golden cross"), which is a bullish technical signal. Initial firm support has been defined at 18.4323, the Jan 6 low.
  • Commerzbank published a note on ZAR weakness in which they say that "after an initial phase of euphoria and some good first steps, the new Grand Coalition in South Africa is finding it increasingly difficult to move up a gear." They note that while reforms take time to generate effects, the FX market "sometimes lacks (...) patience," even if in the long-term reforms will likely support the rand.
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Despite the relatively flat course for the greenback ahead of the NFP report, the South African rand is under further pressure Friday, with USDZAR now over 3% higher compared to the week’s lows and above the 19.00 handle for the first time since June.

  • A clear break here would open 19.2696, the Apr 23 high. Earlier in the week, we pointed out that the 50-DMA has just crossed above the 200-DMA ("golden cross"), which is a bullish technical signal. Initial firm support has been defined at 18.4323, the Jan 6 low.
  • Commerzbank published a note on ZAR weakness in which they say that "after an initial phase of euphoria and some good first steps, the new Grand Coalition in South Africa is finding it increasingly difficult to move up a gear." They note that while reforms take time to generate effects, the FX market "sometimes lacks (...) patience," even if in the long-term reforms will likely support the rand.