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ZAR Shines As Platinum Breaks $1,200 Handle

SOUTH AFRICA
  • USD/ZAR eases lower at the open, following USD/CNH and a weaker greenback.
  • Continued upside in commodities continues to make the cross heavy with platinum incurring strong gains (+2.29%) & gold looking more upbeat (+0.38%) around $1,845.
  • Focus today on SACCI business confidence (0930GMT) expected to fall marginally from 93.40 to 93.0, but have little effect on ZAR sentiment.
  • ZAR is enjoying this week's positive risk sentiment and weaker dollar, clearing the 21 Jan low at 14.7677, opening up the next leg lower towards 14.50, provided markets remain placid and implied vols continue to ease.
  • Res1 14.7677, Res2: 14.8332
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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