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Free AccessZAR Gains 2.20% W/W vs the USD, Local Politics to Heat Up in 2022
- USD/ZAR trades +0.26% higher this morning, tracking tentative upside in the BBDXY. ZAR outperformed last week, gaining 2.20% vs the USD and closing below its 50dma on the daily chart.
- Local politics are coming into focus as the Zondo report on state capture stirs up the need for action from Ramaphosa and the ANC in 2022 ahead of the party’s elective conference in December.
- Promises from Ramaphosa for an accelerated reform agenda and steps against corrupt officials are positive, but will need to be backed up with signs of implementation before markets get too upbeat.
- With limited data on the agenda outside of manufacturing production, the cross should continue to trade in line with US data and global risk sentiment this week.
- Attention will be on US CPI, PPI & retail sales as markets anticipate a tighter Fed stance in 2022.
- Next major support is at 15.50 & 15.30 (near 100dma) in USD/ZAR. Intraday Sup1: 15.5230, Sup2: 15.3914, Res1: 15.7174, Res2: 15.7657
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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.