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USDZAR Pares NFP-Inspired Spike as Greenback Reverses Gains

ZAR
  • The initial spike higher in the USD index on the back of the US payrolls data saw USDZAR reach a high of 18.9609 – its highest since mid-December. Price has swiftly returned back to pre-data levels as the greenback more than reverses its gains, with USDZAR last dealing 0.30% in the green.
  • The recovery in gold from the post-data lows back to flat is likely aiding the recovery in the rand. Nevertheless, a close at current levels would bring this week’s USDZAR gains to 2.2%, though key resistance still remains some way off at 19.1386, the Dec 11 high.
  • Domestically, Eskom concerns remain at the forefront with the utility company announcing that Stage 3 loadshedding will commence from today at 1600 until 0500 on Saturday. There are no further data releases due Friday, with the next notable release coming with Monday’s ABSA Manufacturing PMI.
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