Key Takeaways: The South African rand has weakened due to both domestic and international factors. The South African Reserve Bank will not intervene to counter the recent depreciation of the rand. The US dollar has gained strength due to evidence of a tighter labor market, suggesting potential wage inflation and a more hawkish Federal Reserve.
RAND TALKING POINTS & ANALYSIS Hawkish Fed & poor local data weighs negatively on rand. Fed’s Bostic in focus later today. Possible ascending triangle breakout on USD/ZAR daily chart. Trade Smarter – Sign up for the DailyFX Newsletter Receive timely and compelling market commentary from the DailyFX team Subscribe to Newsletter USD/ZAR FUNDAMENTAL BACKDROP The
© Reuters. The South African rand experienced a significant downturn this Tuesday, continuing a week of losses driven by a robust U.S. dollar and increasing U.S. Treasury yields. The currency traded at 19.2525 against the dollar, marking a 0.2% drop from its previous close. Monday saw the rand slump by approximately 1.5%, weighed down by
The rand sold off towards the R19/$ resistance zone after raised US Treasury yields favored the USD. لینک منبع : هوشمند نیوز
The ZAR’s reaction to the SARB MPC decision and policy statement was relatively muted as the decision was in line with consensus, and guidance from the central bank was mostly like that issued in the previous meeting and address. On a positive note, we did see a slight upward revision to the outlook for GDP
RAND TALKING POINTS & ANALYSIS SA mining data , US PPI, retail sales and jobless claims data pool together to limit rand upside. Michigan consumer sentiment the focal point tomorrow. USD/ZAR seeks fundamental catalyst as prices hover around key resistance zone. Trade Smarter – Sign up for the DailyFX Newsletter Receive timely and compelling market
RAND TALKING POINTS & ANALYSIS Chinese optimism unable to deter USD upside. US & Chinese economic data the focus for the week. USD/ZAR trendline resistance remains in tact for now. Trade Smarter – Sign up for the DailyFX Newsletter Receive timely and compelling market commentary from the DailyFX team Subscribe to Newsletter USD/ZAR FUNDAMENTAL BACKDROP
RAND TALKING POINTS & ANALYSIS • Hawkish US data has overshadowed optimistic SA releases. • Fed officials under the spotlight today. • Trendline support in question as trade week draws to a close. Trade Smarter – Sign up for the DailyFX Newsletter Receive timely and compelling market commentary from the DailyFX team Subscribe to Newsletter
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RAND TALKING POINTS & ANALYSIS Falling SA inflation hinders ZAR upside. SA stock and bond outflows a concern. USD/ZAR exhibiting hesitancy ahead of key economic data. Trade Smarter – Sign up for the DailyFX Newsletter Receive timely and compelling market commentary from the DailyFX team Subscribe to Newsletter USD/ZAR FUNDAMENTAL BACKDROP The rand is steadily
