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ZAR Extends Losses Amid US CPI & Political Developments

SOUTH AFRICA
  • The South African Rand is among the worst global performers on Wednesday, as both the higher US yields and domestic political developments weigh on ZAR. USDZAR is now up 1.65% at typing and is only outdone by the rally in USDCLP.
  • As noted earlier, in light of Zuma's more solid-than-expected polling since the launch of his MK Party, Daily Maverick wrote on the electoral permutations that could give rise to an MK-EFF-ANC coalition following this year's election. This prospect may be acting as an additional tailwind for USDZAR, already outperforming in the aftermath of the hot inflation readings in the US.
  • Today’s rally has seen USDZAR narrow the gap substantially to initial resistance is at 18.8346, the 50-day EMA.
  • The sharp move back above key short-term support at 18.5066, the Mar 13 low, appears to be a bullish technical development. On the upside, a move through 19.1063, the Mar 28 high, is required to reinstate a bullish theme.
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