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ZAR: Tariff Talk and Global Trade Sensitivity Keeping Rand on the Back Foot

ZAR
EM BulletBulletEmerging Market News

USDZAR (+0.75%) has reapproached the overnight highs as Trump tariff talks continue to sap sentiment from EM FX. ZAR has been a notable underperformer during Tuesday’s session - with only MXN recording greater spot losses versus the greenback today - as ZAR continues to trade with high beta to global trade concerns. Today’s gains keep the focus on the post-election high of 18.3951 for USDZAR ahead of the 18.50 handle. Initial support is marked at 17.9500, the 20-day EMA. Attention later in the session will turn to the FOMC minutes, with no local data releases scheduled until PPI on Thursday.

  • Following a conclusion of an Article IV visit, IMF staff said South Africa needs fiscal consolidation that’s “more ambitious than envisaged” to place public debt on a sustained downward path. It added that risks for the economy are “tilted to the downside,” but faster and more ambitious reform implementation under the GNU could instead contribute to improved domestic confidence, lower financing costs and higher exports.
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USDZAR (+0.75%) has reapproached the overnight highs as Trump tariff talks continue to sap sentiment from EM FX. ZAR has been a notable underperformer during Tuesday’s session - with only MXN recording greater spot losses versus the greenback today - as ZAR continues to trade with high beta to global trade concerns. Today’s gains keep the focus on the post-election high of 18.3951 for USDZAR ahead of the 18.50 handle. Initial support is marked at 17.9500, the 20-day EMA. Attention later in the session will turn to the FOMC minutes, with no local data releases scheduled until PPI on Thursday.

  • Following a conclusion of an Article IV visit, IMF staff said South Africa needs fiscal consolidation that’s “more ambitious than envisaged” to place public debt on a sustained downward path. It added that risks for the economy are “tilted to the downside,” but faster and more ambitious reform implementation under the GNU could instead contribute to improved domestic confidence, lower financing costs and higher exports.