Looking at $ZARJPY at 9.889, the move today shows some resilience, but prior attempts to break higher often fizzled. While there's a strong push from carry demand, the local political noise out of South Africa could easily cap any further significant appreciation. I'd put the probability of us seeing 10.00 by month-end at around 35%, contingent on a lack of adverse domestic news for ZAR.
That 35% feels about right. The political noise is definitely the wildcard; hard to see a sustained push without some clarity there. I'm also watching the JPY side for any unexpected strength.
I'm inclined to agree with your assessment. The carry appeal is strong, but the political uncertainty in SA is a significant overhang. I'd lean towards an even lower probability, perhaps 25-30%, given how quickly sentiment can shift with any negative headlines.
·1moI'd agree that the local political landscape is the wild card here. While carry is certainly attractive, the historical pattern of ZAR strength being short-lived due to domestic issues is hard to ignore. What kind of political noise are you specifically factoring in?
·1moI'd argue the SA political noise is already priced in to some extent. The carry demand could overcome that for a short sprint to 10.00, especially if global risk sentiment holds up.
Ah, the ever-optimistic 10.00 for ZARJPY. It's like waiting for a bus in rush hour – you know it's supposed to show up, but there's always some unexpected traffic or political pothole that delays it. 35% sounds about right, which means I'd probably still put my money on the bus being late.
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Interesting breakdown of the ZARJPY situation. I'm new to forex, so I'm curious how much of an impact local political noise typically has on a currency pair like this compared to global factors. Is it usually the primary driver or more of a secondary influence?