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ZAR Holds Volatile Weekly Range as The Greenback Whipsaws Around the FOMC

SOUTH AFRICA
BulletEM BulletEmerging Markets
  • USD/ZAR trades +0.32% higher this morning, tracking early price action in the BBDXY following yesterday’s sharp reversal higher.
  • Risk sentiment flipped at the US open with equities plummeting and UST yields surging higher – sending USD/ZAR packing back to 16.00.
  • For today, the cross should continue to trading in line with USD-side drivers and global risk sentiment as we receive US NFPs.
  • Terms of trade have been choppy this week amid USD volatility with commodities seen giving back gains this morning (XPT -2.53%).
  • From here, a break through 16.2064 opens up the next leg higher and will likely add pressure on the SARB to deliver a +50bp hike at the next meeting, while key support is defines at 14.70.
  • Intraday Sup1: 15.9593, Sup2: 15.8323, Sup3: 14.7331, Res1: 16.2064, Res2: 16.3688

    • SA Terms of Trade


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  • USD/ZAR trades +0.32% higher this morning, tracking early price action in the BBDXY following yesterday’s sharp reversal higher.
  • Risk sentiment flipped at the US open with equities plummeting and UST yields surging higher – sending USD/ZAR packing back to 16.00.
  • For today, the cross should continue to trading in line with USD-side drivers and global risk sentiment as we receive US NFPs.
  • Terms of trade have been choppy this week amid USD volatility with commodities seen giving back gains this morning (XPT -2.53%).
  • From here, a break through 16.2064 opens up the next leg higher and will likely add pressure on the SARB to deliver a +50bp hike at the next meeting, while key support is defines at 14.70.
  • Intraday Sup1: 15.9593, Sup2: 15.8323, Sup3: 14.7331, Res1: 16.2064, Res2: 16.3688

    • SA Terms of Trade