Bitcoin (BTC/USD) continues to consolidate despite a slight boost in sentiment. China restrictions ease but inflation pressures remain a key concern for policymakers and consumers.
US consumer confidence slumps more than expected in June, falling to its lowest level since February 2021 amid four-decade high inflation and growing concerns about the economic outlook.
The rand is at an interesting price point as market hesitancy creeps in as many unresolved fundamental factors are at play, while USD/ZAR now looks to retest 16.00.
Traders are further net-short than yesterday and last week, and the combination of current sentiment and recent changes gives us a stronger FTSE 100-bullish contrarian trading bias.