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USDZAR Recovery Extends to 3.2%

ZAR
USDZAR continues to make substantial gains, up 0.45% on the day and having now recorded an impressive 3.2% bounce off Monday’s lows. Price reached as high as 18.7946, falling just shy of initial resistance at 18.8040 – the 50-day EMA. While gains are considered corrective, for now, a sustained break back above this average would undermine the recent bearish theme.
  • As has been the case for the majority of this week, there are few obvious drivers behind the large moves. While a weaker commodity complex is likely providing a headwind to the rand, the USD index has eased off of its earlier highs. Moreover, the most recent move lower for UST yields and firmer backdrop for major equity benchmarks may limit the rand's downside heading into the close.
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