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ZAR Holds Its Ground Despite the Slide in Commodity Prices

SOUTH AFRICA
  • USD/ZAR trades -0.15% lower this morning, mirroring early downside in the BBDXY and brushing off selling pressure in commodities.
  • The cross remained choppy around the 15.00 handle yesterday, ending +0.61% higher on the day with tentative optimism emerging around progress in Russia-Ukraine dialogue.
  • SA’s terms of trade continue to fall in line with commodities, but ZAR has been relatively resilient. Today’s focus remains on ceasefire talks, before shifting to the FOMC tomorrow – expected to deliver its first +25bp hike, but uncertainty over the Ukraine crisis will keep markets monitoring guidance from Powell closely.
  • USD/ZAR price action remains pegged in the 15.00-15.50 zone – caught between 100 & 200dmas and awaiting fresh catalysts to drive a breakout.
  • Intraday Sup1: 14.9935, Sup2: 14.9133, Res1: 15.1431, Res2: 15.2155
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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