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ZAR Weathers The Storm Amid Weak Risk Sentiment, 15.50 Eyed

SOUTH AFRICA
  • USD/ZAR trades -0.21% lower this morning, tracking early selling pressure on the BBDXY.
  • ZAR has remained relatively resilient to recent risk-off and USD volatility with price action holding below 15.75 in yesterday’s session.
  • US equities staged an impressive turnaround in yesterday’s session with the tech rotation stalling slightly as the Nasdaq eked out a small gain.
  • Manufacturing production is the focal point of the day, with metrics expected to improve m/m and y/y as economic activity recovers into the end of 2021.
  • Attention in USD/ZAR is on 15.50, following yesterday’s retest of the underside of the 50dma on the daily chart.
  • Intraday Sup1: 15.577, Sup2: 15.5230, Res1: 15.7147, Res2: 15.8099
MNI London Bureau | +44 020-3983-7894 | murray.nichol@marketnews.com
MNI London Bureau | +44 020-3983-7894 | murray.nichol@marketnews.com

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