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ZAR Trims Gains vs G10 Crosses as Markets Eye the FOMC Minutes

SOUTH AFRICA
  • USD/ZAR trades -0.12% lower this morning, mirroring the grind lower in the BBDXY.
  • The cross rose +0.36% on Friday as price action failed to establish a new low against tentative profit taking and USD strength.
  • With a light data schedule ahead this week, the focus will be on political jostling around the upcoming Zondo report which is expected to dial in on Eskom. Over the weekend, Ramaphosa allies made key victories in Mpumalanga’s provincial conference, and the President reiterated the importance of the step aside rule for members facing ongoing court proceedings.
  • Internationally, attention will be on the FOMC minutes as markets look for clues on the possibility of 50bp hikes in June/July.
  • ZAR crosses vs GBP & EUR have found support after looking fairly stretched in oversold territory, but global risk sentiment surrounding Ukraine should continue to dominate price action alongside the Fed minutes.
  • Intraday Sup1: 14.6128, Sup2: 14.5794, Res1: 14.7041, Res2: 14.7368
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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