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ZAR Weathers the Storm as Ukraine Risks Dent Global Sentiment

SOUTH AFRICA
  • USD/ZAR trades -0.15% lower this morning, broadly in line with a softer greenback.
  • The cross held up incredibly well against spiralling Ukraine tensions yesterday, inching below the 15.00 handle with support coming from a bid in precious metals.
  • W/w ZAR has gained 1.56% vs the USD, and is drawing closer to its 200dma at 14.9135 after making the first test of the level yesterday.
  • Markets should remain vulnerable to shifts in risk sentiment surrounding the Ukraine crisis today, but ZAR appears to be resilient to this with risk flows diverting away from RUB into ZAR.
  • A break through the 200dma opens up the 14.75-14.40 zone below, while a failure to break the level should see price action return towards 15.50 – at the top end of the fair value range.
  • Intraday Sup1: 14.9133, Sup2: 14.788, Res1: 15.063, Res2: 15.1431
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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