USDZAR - Rolls Over breaking & breaching trend-line support
USDZAR moved back to the key 14.2000 support zone yesterday following a breach of the trend-line that has been running from early 2019. The FOMC following through and delivering the Dovish statement and press conference the markets had been anticipating. The Fed left rates unchanged but shifted to an unambiguously dovish gear, noting that "uncertainties about this outlook have increased" while issuing a larger than expected downgrade in the dots as Chairman Powell refrained from using "transitory" to describe low inflation, marking a downshift in the inflation view.
The RAND , like most of the EM currencies are benefiting today from follow through selling of the greenback, however, increasingly dovish arguments at the ECB and other major central banks should curtail the U.S. currency's downside potential in the longer term. A breach of 14.20 would see support at 14.000 coming into play. Can the momentum be maintained ?
The RAND , like most of the EM currencies are benefiting today from follow through selling of the greenback, however, increasingly dovish arguments at the ECB and other major central banks should curtail the U.S. currency's downside potential in the longer term. A breach of 14.20 would see support at 14.000 coming into play. Can the momentum be maintained ?