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ZAR: USDZAR Briefly Extends Session Losses Following US Data

ZAR
EM BulletBulletGlobalEmerging Market NewsRegion
  • Market reaction to the strong US CPI print was counteracted by the above-expectations IJC data. Initial greenback weakness, combined with the moderate spike higher in gold, bolstered the rand’s gains, which had already been paring some of the week’s earlier losses prior to the release. At typing, USDZAR has settled just below pre-data levels, but still sits 0.65% lower on the session overall, as kneejerk moves in the USD index stabilise.
  • For USDZAR, Monday’s lows near 17.35 marks the immediate support, with technical conditions still considered bearish despite the ~3% rally since the end of September. A break of the 50-day EMA, at 17.7133, would be needed to signal scope for a stronger reversal – an average which the pair failed to break yesterday.
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  • Market reaction to the strong US CPI print was counteracted by the above-expectations IJC data. Initial greenback weakness, combined with the moderate spike higher in gold, bolstered the rand’s gains, which had already been paring some of the week’s earlier losses prior to the release. At typing, USDZAR has settled just below pre-data levels, but still sits 0.65% lower on the session overall, as kneejerk moves in the USD index stabilise.
  • For USDZAR, Monday’s lows near 17.35 marks the immediate support, with technical conditions still considered bearish despite the ~3% rally since the end of September. A break of the 50-day EMA, at 17.7133, would be needed to signal scope for a stronger reversal – an average which the pair failed to break yesterday.