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2022 Trade Balance, Current Account Deficit Keeps ZAR Under Pressure

SOUTH AFRICA
  • The Daily Maverick writes that last week’s trade balance data showed 2022’s surplus will fall short of that seen in 2021. This, twinned with a current account deficit, does not bode well for the ZAR this year, however soft oil prices could help support the South African currency.
  • The ANC’s SecGen Mbalula has vowed that the ANC will be on guard to replace underperforming members of cabinet, and reiterated that the President will have to make changes imminently, according to News24.
  • Speaking to ENCA, unions affiliated with Cosatu have welcomed the government’s proposals for an 8% increase in the minimum wage. The federation says the amount is reasonable and will provide significant relief to millions of workers, however is still pushing for at least a 10 percent increase.
  • EWN cites economists in saying inflation is expected to drop from March 2023, with base effects playing a role, as March’s inflation rate will be compared with 2022’s high prices.
  • Today marks the expected stepdown in petrol and diesel prices, with no major data releases on the docket until Thursday’s December PMI.
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