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USDZAR Approaches Wednesday Low Following SARB, US Data

ZAR
  • Rand strength and a softer greenback following the SARB rate decision and mixed US data places USDZAR at a fresh daily low. Nevertheless, today’s range remains contained within yesterday's extremes for now.
  • From a technical perspective, this week’s pullback is considered corrective, with attention on initial support at 18.5385, the Jan 12 low, a break of which would be a bearish development.
  • The SARB policy statement tilted somewhat hawkish - acknowledging risks to inflation despite unchanged inflation forecasts for 2024. In his press conference, Governor Kganyago said he does not see a clear trend of inflation falling to its goal.

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