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ZAR: JP Morgan Recommend Taking Profit on ZAR Longs

ZAR
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  • JP Morgan recommend taking profits on ZAR longs, both RV and outright versus USD, as technical indicators have become extended. Specifically, JP Morgan take profit on ZAR versus an equally weighted basket of CLP and COP (entry: 100, exit: 105.10, total return: +4.66%).
  • They note that ZAR trades over 1 st.dev. rich in both their short-term and long-term models, extending beyond the recent improvement in terms of trade and the global yield backdrop.
  • They add that US election risk is now looming and while JPM do not see ZAR as much exposed to trade tariffs or geopolitical risk, first reactions may be dominated by technicals rather than fundamentals.
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  • JP Morgan recommend taking profits on ZAR longs, both RV and outright versus USD, as technical indicators have become extended. Specifically, JP Morgan take profit on ZAR versus an equally weighted basket of CLP and COP (entry: 100, exit: 105.10, total return: +4.66%).
  • They note that ZAR trades over 1 st.dev. rich in both their short-term and long-term models, extending beyond the recent improvement in terms of trade and the global yield backdrop.
  • They add that US election risk is now looming and while JPM do not see ZAR as much exposed to trade tariffs or geopolitical risk, first reactions may be dominated by technicals rather than fundamentals.