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ZAR Pulls Back on CNH Weakness & Soft Commodities

  • USD/ZAR opens higher, mirroring an uptick in USD/CNH.
  • Limited local catalysts leaves the Fed meeting & USD-side factors as the primary drivers in the cross today.
  • Although the meeting is expected to be a non-event, focus will be on the presser for any comments that could add more upside pressure on UST yields and subsequent pressure on EM.
  • DYX is holding onto the sticky 90.1650 level, and commodities are drifting lower (gold -0.14%, platinum -0.87%).
  • USD/ZAR failed to breach the 15.00 handle and is holding above the 50dma.
  • Res1: 15.1544, Res2: 15.2117, Sup1: 15.0617, Sup2: 15.0071
MNI London Bureau | +44 020-3983-7894 |
MNI London Bureau | +44 020-3983-7894 |

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