None
ES
FxWirePro: USD/ZAR dips below lower range, bearish bias increases
[]
EconoTimes RSS
• USD/ZAR dipped on Wednesday as weaker dollar upbeat South African manufacturing PMI data boosted rand.
• Dollar weakened as a U.S. government shutdown unsettled markets and risked delaying data seen key to gauge the future path of Fed policy rates.
• South Africa’s seasonally adjusted Absa PMI rose to 52.2 in September from 49.5 in August, signaling renewed expansion in factory activity.
• This marked only the second time this year the PMI rose above 50, indicating a return to expansion in factory activity.
• Strong support is seen at 17.165(23.6%fib) and break below could take the pair towards 17.108 (Lower BB).