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ZAR Rattled by China Comments, Holds Near 17.7352 Resistance

SOUTH AFRICA
  • Local rates bear steepening at the open, retracing a portion of yesterday's gains.
  • 2Y now trading comprehensively below 4.50, while 30Y looks to put pressure on 10.80 resistance.
  • USD/ZAR pares an early move lower, tracking USD/CNY price action trading below the 6.50 handle.
  • More China comments opposing US military actions adding some upside to USD/ZAR, but remains within its lateral range after failing to move through 14.50.
  • Commodities flat softer this morning, giving ZAR little support (Gold +0.05%, Platinum -0.16%).
  • Global factors to dominate price action for now. Confirmed move through 14.7352 opens up a more meaningful push higher towards the 14.80-14.90 zone.
MNI London Bureau | +44 020-3983-7894 | murray.nichol@marketnews.com
MNI London Bureau | +44 020-3983-7894 | murray.nichol@marketnews.com

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