FxWirePro: USD/ZAR edges higher from 7-week lows, Rand ends 2 days of strong gains
South Africa's rand on Friday ended a recent rally after stronger-than-expected U.S. inflation data lifted the dollar, while stocks were expected to open higher Rand failed to breach the key 13.00 resistance level on Thu…
South Africa's rand on Friday ended a recent rally after stronger-than-expected U.S. inflation data lifted the dollar, while stocks were expected to open higher
Rand failed to breach the key 13.00 resistance level on Thursday, and as of 0645 GMT today had weakened 0.35 percent to 13.0945 per dollar
USD/ZAR edged higher from 7-week lows of 13.0276 hit yesterday, and is currently trading at 13.1209, slightly lower from day's highs at 13.1610
Government bonds were weaker as yields inched up, with the benchmark paper due in 2026 adding 1.5 basis points to 8.155 percent
The rand, however, faces a rough ride against a resilient dollar, close below 13.0700 could see the pair at 12.80 levels
A raft of local releases will be in focus, with inflation, retail sales and the finance minister's medium term budget speech due next Wednesday
USD/ZAR has immediate resistance at 13.2236 (Oct 15 high) and support at 13.0764 (cloud base)
