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ZAR: USD/ZAR Approaches Support Level Following PPI Data

ZAR
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  • Greenback weakness following the softer-than-expected PPI figures has prompted an extension lower for USDZAR, which is now down just over 0.6% on the session. Support to watch lies at 18.1064, the Aug 1 low. A break here would be a bearish development which could potentially open 17.8679, the Jun 21 low.
  • The rand continues to be driven primarily by international factors, with the local currency outperforming most of its EMEA peers despite moderate weakness in the commodities space. Therefore, focus will shift to tomorrow's US inflation data and its implications on potential Fed easing. Domestic retail sales figures will also cross tomorrow.
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  • Greenback weakness following the softer-than-expected PPI figures has prompted an extension lower for USDZAR, which is now down just over 0.6% on the session. Support to watch lies at 18.1064, the Aug 1 low. A break here would be a bearish development which could potentially open 17.8679, the Jun 21 low.
  • The rand continues to be driven primarily by international factors, with the local currency outperforming most of its EMEA peers despite moderate weakness in the commodities space. Therefore, focus will shift to tomorrow's US inflation data and its implications on potential Fed easing. Domestic retail sales figures will also cross tomorrow.