USDZAR is one of the biggest movers this Tuesday supported both by surging oil prices and USD demand. A spike in short term US dollar market interest rates does not serve emerging markets while South Africa relies on oil imports – that’s the reason USDZAR is moving up by over 1%. Moreover, USD has been supported by strong report on industrial output (+0.6% m/m). The pair has rebounded from support of 14.55 and faces resistance around 15.10.
Daily Summary: The dollar in retreat, even as tensions in the Middle East escalate 🚨
EURUSD reverses its technical trend 💡
Canadian CPI slightly higher than expected 🔼 USDCAD reacts
Chart of the day: EURUSD eyes 1.1600! The dollar season is over?