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ZAR at Key Crossroads as Tails Risks to Continued Outperformance Mount

SOUTH AFRICA
  • USD/ZAR trades marginally higher at the open, having failed to break 13.50 in yesterday's broadly risk-off session.
  • Commodities rolled over as USD strength returned on robust jobs data, spurring a bout of buying pressure on the greenback.
  • Going into the weekend we may see some profit taking in USD/ZAR as sticky round number support at 13.50 and oversold conditions weigh on the cross.
  • Rising virus cases, looming risks of a public sector wage strike in the coming weeks, PBoC pressure on CNY and rising Treasury yields remain notable tail risks to a near-term correction in USD/ZAR.
  • However, markets continue to be surprised by ZAR resilience, given strong fundamentals and terms of trade – which should keep it stable to firmer over the medium-term and a key go to in times of risk-on/hunt for yield.
  • 13.50 will prove a key support in seeing whether the cross has legs to push lower.
  • Intraday Sup1: 13.5599, Sup2: 13.4977, Res1: 13.6780, Res2: 13.7675
MNI London Bureau | +44 020-3983-7894 | murray.nichol@marketnews.com
BulletEM BulletEmerging Market NewsHomepage
MNI London Bureau | +44 020-3983-7894 | murray.nichol@marketnews.com
BulletEM BulletEmerging Market NewsHomepage

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