Keep an eye on ZAR and USDZAR after South Africa's PMI figures
แปลอัตโนมัติจากต้นฉบับ · อ่านต้นฉบับ (English)
After seeing South Africa's PMI figures this morning, I'm a little concerned. The manufacturing PMI for May came in lower than expected at 50.9, while the market anticipated 52.0. A figure below 50 indicates contraction, and this is the second consecutive month of not-so-good results. Moreover, $USDZAR has been trading within the 16.70-16.85 range for quite some time.
Looking ahead, if we continue to see uninspiring economic data from South Africa, it could put further pressure on the RAND to weaken, even though the dollar itself isn't particularly strong right now. So, I'll be adding $USDZAR to my watchlist for closer monitoring. We might see opportunities for this pair to move higher if the economic momentum doesn't recover. I don't expect it to break key support levels immediately, but we should be mindful of some upside risk.