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SOUTH AFRICA: USDZAR Extends Intra-Day Advance to 1.4%, Fresh 7-Month High

SOUTH AFRICA
EM BulletBulletEmerging Market News
  • The firmer greenback price action on Wednesday has further weighed on the South African rand. USDZAR has now advanced 1.4% on the session to a fresh 7-month high.
  • Today’s gains have confirmed a resumption of the dominant uptrend. Sights are on the nearby round figure/Jun 6 high of 19.0000/19.0054, where a break would open 19.2696, the Apr 23 high. Earlier 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.
  • A reminder that earlier, ABSA released its purchasing manager index compiled by the Bureau for Economic Research, where the index fell to 46.2 from 48.1 in Nov and from 52.6 in Oct. South African stock indices have fallen substantially in tandem.
  • The African National Congress is celebrating the 113th anniversary of its founding. The main event will take place on Saturday, when President Ramaphosa will deliver a speech mapping out the party's priorities for the year ahead.
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  • The firmer greenback price action on Wednesday has further weighed on the South African rand. USDZAR has now advanced 1.4% on the session to a fresh 7-month high.
  • Today’s gains have confirmed a resumption of the dominant uptrend. Sights are on the nearby round figure/Jun 6 high of 19.0000/19.0054, where a break would open 19.2696, the Apr 23 high. Earlier 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.
  • A reminder that earlier, ABSA released its purchasing manager index compiled by the Bureau for Economic Research, where the index fell to 46.2 from 48.1 in Nov and from 52.6 in Oct. South African stock indices have fallen substantially in tandem.
  • The African National Congress is celebrating the 113th anniversary of its founding. The main event will take place on Saturday, when President Ramaphosa will deliver a speech mapping out the party's priorities for the year ahead.