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USDZAR Reverses Monday’s Rally as Greenback Retreats

ZAR
USDZAR has steadily declined throughout Tuesday’s session and has now erased the majority of yesterday’s rally. There have been few domestic catalysts, with broad greenback weakness and a pullback in US yields likely the primary drivers. Moderate strength in commodities, notably a 0.9% uptick in gold, may also be accounting for rand outperformance.
  • From a technical perspective, a short-term bearish theme in USDZAR dominates following last week’s sell-off and breach of a number of short-term supports. A continuation lower could signal scope for a move towards 17.9434, 76.4% of the Jul 27 - Oct 6 bull leg.
  • With little data of note on the local slate for the remainder of this week, and indeed for the remainder of the year, the rand will likely continue to be driven by broader global themes as we approach the holiday period.
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