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USDZAR Eases Away from Resistance at 50-Day EMA Following USD Reversal

ZAR
The rollover in UST yields from its intraday highs and associated USD weakness has reversed the course of USDZAR, which is now 0.15% in the red. The pair had been trading at around 18.80 earlier in the session, closely matching initial resistance at the 50-day EMA, but now sits in the middle of the day’s ranges.
  • An uptick in major equity benchmarks has been providing a tailwind to EM FX more broadly, though the rand is now among the top performers in the EMEA space as a firmer commodities backdrop provides an additional tailwind to the local currency. Notably, gold has rallied ~$15 from the day’s lowest levels.
  • With just unemployment rate and retail sales data on the local docket, the rand will likely continue to be influenced by global factors this week. Market participants will therefore be looking ahead to tomorrow’s US CPI print.
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