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ZAR: USDZAR Reaches Lowest Since December, Breaks Through Key Support

ZAR
EM BulletBulletEmerging Market News

USDZAR has extended session losses to 1% amid ongoing pressure on the greenback, breaking through a cluster of lows around the 18.30 mark (including key support at 18.3022, the Jan 24 low) to reach its lowest level since mid-December. At typing, the pair is testing the 200-DMA, and a break would set sights on 17.9992, the 76.4% retracement level of the upleg between Dec 12 - Jan 13.

  • Data this morning showed South Africa’s current account shortfall was narrower than expected in Q4 (-0.4% of GDP vs. -0.9% expected), but domestic drivers have largely taken a backseat this week with focus instead on the major moves across global markets, and in particular, the 4% surge in EURUSD. This will likely be the case next week as well given the local data slate lacks any tier 1 releases.
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USDZAR has extended session losses to 1% amid ongoing pressure on the greenback, breaking through a cluster of lows around the 18.30 mark (including key support at 18.3022, the Jan 24 low) to reach its lowest level since mid-December. At typing, the pair is testing the 200-DMA, and a break would set sights on 17.9992, the 76.4% retracement level of the upleg between Dec 12 - Jan 13.

  • Data this morning showed South Africa’s current account shortfall was narrower than expected in Q4 (-0.4% of GDP vs. -0.9% expected), but domestic drivers have largely taken a backseat this week with focus instead on the major moves across global markets, and in particular, the 4% surge in EURUSD. This will likely be the case next week as well given the local data slate lacks any tier 1 releases.