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ZAR Firm In Early Trading Following Robust China Trade Data

SOUTH AFRICA
  • USD/ZAR trades -0.31% lower this morning, broadly in line with a slightly softer BBDXY and firmer local bond market.
  • The cross fell -0.60% in yesterday's session, pulling back from 15.10 as choppy rangebound trading persists between 14.80 – 15.20.
  • Local focus will be on retail sales data around lunch time - expected to reflect a substantial uptick with the number being inflated by July's weaker riot-induced weakness.
  • This marks and end to SA's data for the week with attention shifting to US CPI and FOMC minutes today followed by retail PPI and retail sales to cap off a busy US data week.
  • ZAR may be among the more volatile currencies today given its high-beta nature with markets showing concern over stagflationary pressures and the FOMC minutes expected to greenlight a November taper despite the softer NFP report.
  • Attention will be on 14.80 to the downside and 15.2080 to the topside as the outer thresholds of the recent consolidation range.
  • Intraday Sup1: 14.8615, Sup2: 14.7955, Sup3: 14.6978 Res1: 15.0546, Res2: 15.1376, Res3: 15.2080
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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