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USDZAR Resumes Weakening Trend, Attention Turns to Fed

ZAR
  • Moderate greenback weakness following the US ADP data and May refunding announcement has aided the sustained move lower in USDZAR as we approach the Fed rate decision this evening.
  • The pair’s losing streak was interrupted yesterday after a ~2% sell-off in gold and USD buying into the month-end fix both provided a tailwind to the pair. However, today’s ~0.9% reversion lower puts USDZAR at a new weekly low, narrowing the gap to the Apr 9 low of 18.4131, as gold (+0.5%) makes a partial recovery from 3-week lows.
  • Given local markets are closed, focus will turn to the Fed's rate decision due later today. Looking ahead, Absa Manufacturing PMI, Naamsa vehicle sales and electricity production/consumption will cross the wires tomorrow.
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