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- USD/ZAR trades -0.23% lower this morning, tracking tentative selling pressure on the BBDXY.
- The cross moved sharply higher in yesterday's session as bullish momentum from the prior session carried it higher and then accelerated following firmer US CPI.
- ZAR remains the worst performing currency for CEEMEA, down -2.58% since Monday with bullish drivers fading after a robust rally.
- The Zuma judgement at 0900 will be watched closely as returning him to prison could spark more socio-political unrest.
- ANC staffers moving to help the party ensure its applications to the IEC is a big help for the embattled party.
- Outside of this, little on the agenda at the close of the week as we move towards the SARB next week – expected to keep policy on hold with inflation factors broadly balanced on a medium-term horizon.
- Yesterday's move higher brigs the retracement to the 38.2% Fib, closing above the 200dma but falling short of the 50dma (14.1613).
- A close above here opens the 50% (14.7294 & 61.8% Fibs (14.8864) as we move into SARB/Fed week with ZAR a key target for risk-off sentiment.
- Intraday Sup1: 14.5042, Sup2: 14.4543, Res1: 14.6273, Res2: 14.6978