USDZAR looking vulnerable after NFP, thoughts?

asked by u/rmiller · 9d · 2 answers

That NFP number yesterday, while not an absolute disaster, definitely wasn't the barn-burner some were hoping for to justify further aggressive Fed hikes. Seeing $USDZAR push down to 16.40034 this morning, after being up around 16.52 earlier, really highlights that softening USD narrative. I'm keeping an eye on it for a potential deeper correction if we get any more dovish hints from the Fed or even just continued general risk-on sentiment in emerging markets. It's a tricky pair, but the technicals are starting to align with a move lower here. What's everyone else seeing?

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Top answers

  • u/korn_kittisak· 1 pts· 9d

    เห็นด้วยเลยครับ ตัวเลข NFP ออกมากลางๆ แบบนี้ ทำให้ตลาดเริ่มมองว่า Fed อาจจะไม่ต้องรีบขึ้นดอกเบี้ยแรงเท่าที่คิดไว้ก่อนหน้า USDZAR เลยอ่อนค่าลงมาเยอะเลย คงต้องจับตาดูท่าที Fed อย่างใกล้ชิดจริงๆ ครับ

  • u/kaitoyang· 1 pts· 9d

    I agree that the NFP print certainly didn't strengthen the USD's case, particularly against emerging market currencies like ZAR. However, I'd also be cautious about assuming a deeper correction without considering the local South African context and any potential domestic headwinds that could still support USDZAR.

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