USD is in bullish momentum moving toward Resistance level at R18.3042 against the ZAR. The South Africa Rand (ZAR) has been under pressure following hawkish comments from the US Fed officials last week couple with hotter than expected US Producer Inflation figures (PPI) that were released on Thursday. Markets are now anticipating the US Fed to act more at its March 2022 FOMC Interest Rate Decision.
The pricing probability of the US Fed interest rate decision has increased to 18.1% for a 50Bps hike vs previously being priced at 9% probability. R18.5638 is a key resistance level.
The pricing probability of the US Fed interest rate decision has increased to 18.1% for a 50Bps hike vs previously being priced at 9% probability. R18.5638 is a key resistance level.