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USDZAR Close to Flat Following Inflation Data

ZAR
August consumer price data released largely in-line with expectations, with the core measure seen ticking slightly above estimates. USDZAR climbed to an intraday high of 18.9882, though has pared gains and last deals close to flat around the 18.94 level. Technically, initial firm support lies at 18.7809, the 50-day EMA. On the upside, key short-term resistance at 19.2978, the Aug 15 high, has recently been pierced. A clear break of this hurdle would open 19.9204, the Jun 1 high.
  • Comments from the finance minister also crossed wires. He said public finances are currently in a difficult position and that tighter financial conditions have made it difficult to borrow more and at affordable rates.
  • Retail sales data is on the docket at 1200BST/1300SAST, while the Fed rate decision is the key risk event further out.
  • The SARB rate decision takes focus tomorrow where consensus looks for another on-hold rate decision. Our full preview, with sell-side analyst views, can be found here.
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