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Free AccessZAR Shines Post-US CPI as High-Beta FX Rallies, USD/ZAR Flirting with 200dma
- USD/ZAR trades +0.17% higher around the open as mixed risk sentiment filters through from the APAC session.
- ZAR was the standout performer post-US CPI as risk currencies went bid following a gap lower in the greenback.
- Price action has now pulled back towards the 200dma, but is yet to confirm a move below with 14.60 support being a key level to break in order to revisit the 14.40-14.50 zone marginally above the 50 & 100dmas which have just made a bullish crossover.
- Markets showed little concern for Ramaphosa's state capture testimony yesterday, and will likely do the same today unless any major revelations in the CR17 funding scheme are unearthed.
- Today's price action will likely be driven by follow-on effects from yesterday's US CPI print as markets digest what this means for the Fed's tapering and rates trajectory.
- Intraday Sup1: 14.5753, Sup2: 14.5042, Res1: 14.7583, Res2: 14.8632
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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.