Morning Note

The ZAR strengthened dramatically after the SARB surprised the market with a 50bps rate hike.

The ZAR consolidated around the 18.1000 level, on the back of improved investor risk sentiment.

The ZAR range traded to stronger levels, following a risk rally in yesterday’s European and US sessions.

The ZAR recovered on Monday after nerves around the banking crises subsided. 

The ZAR drifted weaker following news of more banks in distress.

The ZAR continued its recent gains following the dovish comments from the FED as it battles the double edged sword of inflation and a Banking crises.

The ZAR gained sharply after a dovish FED hiked rates by an expected 25 bps and citing the possibility of a pause.

ZAR remains on edge ahead of Fed night or “Fright night”, the local unit opening at 18.5200.

ALL EYES ON NFP: The ZAR strengthened on the back of some profit taking ahead of today’s NFP report. 

The ZAR remained under pressure following day 2 of Fed chairman Jerome Powell’s testimony.