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14.50 Resistance Eyed in USD/ZAR as SA Defense Force Attempts to Quell Violence

SOUTH AFRICA
  • USD/ZAR opens slightly higher this morning, having pulled back some of yesterdays upside move towards 14.50 – spurred on by the most violent riots and looting experienced in years.
  • Rioting resumed overnight in Gauteng and KZN, despite calls for calm from Ramaphosa, with police stretched thin and locals hoping for a strong SANDF presence today to slow the movement's momentum.
  • Extensive burning of farms, malls and stores has brought forward concerns of food security in KZN as the entire province shuts down.
  • Reports of multiple deaths and civilian militia groups using live ammunition to protect shops and personal residences is extremely concerning and Eastern Cape police forces have been placed on high alert for the spreading of looting to the region.
  • While the movement started as a pro-Zuma protest, the it has been hijacked by poverty-stricken opportunists looking to cash in on the chaos – and is not reflective of national support for Zuma.
  • Continued violence should weigh negatively on ZAR sentiment in the near-term, should the SANDF fail to stabilise the situation quickly.
  • Experts have argued that SA forces lack critical training in crowd management and are suffering from ammunition shortages in key violence hotspots.
  • Moreover, with many vaccination sites closing and looters operating in large groups of thousands of individuals – the movement risks escalating the domestic covid situation dramatically.
  • Intraday Sup1: 14.3814, Sup2: 14.2277, Res1: 14.4904, Res2: 14.5775, Res3: 14.679
MNI London Bureau | +44 020-3983-7894 | murray.nichol@marketnews.com
BulletEM BulletEmerging Market NewsHomepage
MNI London Bureau | +44 020-3983-7894 | murray.nichol@marketnews.com
BulletEM BulletEmerging Market NewsHomepage

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