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ZAR: USDZAR Extending Recovery, Narrows Gap to Weekly High

ZAR
EM BulletBulletEmerging Market News

USDZAR is re-approaching yesterday’s highs at typing, extending the recovery from this morning’s lows following headlines from Trump on reciprocal tariffs and comments from President Ramaphosa, who said again that South Africa will “not be bullied” – likely in response to the US suspending aid to South Africa.

  • Weakness across the commodities space may also be exacerbating the rand’s losses, with the currency among the weakest across the EMEA space. Despite this week’s ~0.9% advance compared to Friday's close, key short-term resistance for USDZAR is not seen until 19.2296, the Jan 13 high. More immediate focus will be on Monday’s high of 18.6543.
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USDZAR is re-approaching yesterday’s highs at typing, extending the recovery from this morning’s lows following headlines from Trump on reciprocal tariffs and comments from President Ramaphosa, who said again that South Africa will “not be bullied” – likely in response to the US suspending aid to South Africa.

  • Weakness across the commodities space may also be exacerbating the rand’s losses, with the currency among the weakest across the EMEA space. Despite this week’s ~0.9% advance compared to Friday's close, key short-term resistance for USDZAR is not seen until 19.2296, the Jan 13 high. More immediate focus will be on Monday’s high of 18.6543.