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ZAR Shows Relative Resilience to War Risks as Surging Commodity Prices Provide Support

SOUTH AFRICA
  • USD/ZAR trades +1.10% higher this morning, holding up relatively well in early trading vs its CEEMEA peers with the bid in commodity markets bolstering terms of trade.
  • Gold trades +1.64% higher alongside platinum at +1.60%.
  • Price action should continue to be dominated by war drivers today and fluctuating risk sentiment – especially when the US market enters and US sanctions hit Russia.
  • Markets will be very focused on the degree of sanctions and whether SWIFT is considered, which would have global ramifications. Yesterday’s budget had little effect on ZAR with the outcome mostly expected – although locals are cautiously optimistic, despite Fitch remaining doubtful on containing fiscal slippage.
  • The 100 & 50dma above at 15.45 are key resistance levels to a larger move higher, while a failure to do so will keep USDZAR in the 14.90-15.50 zone.
  • Intraday Sup1: 15.2155, Sup2: 15.063, Res1: 15.3663, Res2: 15.4902, Res3: 15.5230
MNI London Bureau | +44 020-3983-7894 | murray.nichol@marketnews.com
BulletEM BulletEmerging Market NewsHomepage
MNI London Bureau | +44 020-3983-7894 | murray.nichol@marketnews.com
BulletEM BulletEmerging Market NewsHomepage

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