USD/ZAR slips toward R16 after fading from above R16.50 on Fed signals and softer US jobs data
USD/ZAR briefly climbed above R16.50 after hawkish Federal Reserve guidance buoyed the dollar, before reversing on softer US nonfarm payrolls data. The pair fell back to around R16.23, putting the R16 level back in focus. Repeated failure to hold above the 200-day simple moving average has reinforced resistance, while South Africa’s rate advantage, lower oil prices and improved global risk appetite have supported the rand.