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USDZAR Returns to Flat on the Week Following US Data

SOUTH AFRICA
The previously noted spike in both US yields and the USD index have weighed on the rand, with the sell-off in gold providing an additional headwind to the local currency. At typing, USDZAR is up 1.3% on the day, and has erased the entirety of this week’s earlier losses. The pair had already been grinding higher ahead of the data as Chinese stocks ended the week in the red following a volatile second half to the APAC session.
  • For bulls, initial USDZAR resistance is marked at 19.1386, the Dec 11 high. While this level was pierced last week, a clear break would strengthen the bullish theme and signal scope for a climb towards 19.6399, the Oct 6 high.
  • Despite the sell-off in spot gold today, Goldman Sachs noted earlier that they “expect central bank purchases will remain strong on the back of reserve diversification by EM countries and elevated geopolitical tensions. In this context, we remain bullish on gold with our 12-month target at $2,175/oz, implying a 6% return from the spot.”
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