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Bullish Factors Creep into USD/ZAR as Load-Shedding, Covid Cases Escalate

SOUTH AFRICA
  • ZAR opens on the backfoot once again after losing bullish traction in yesterday's session with USD/ZAR looking fairly stretched in the 13.40-13.50 zone and trading well above fair value at 14.50-15.00.
  • Covid cases have made a substantial jump higher overnight and are finally gaining third wave traction after a slower start than was anticipated by many experts.
  • The NCCC will likely be eyeing tighter restrictions in the near-term to curb the exponential rise from here.
  • More severe load-shedding in the stage 3-5 zone will really start putting a drag on sentiment and economic activity going forward with experts anticipating an extended period of outages over the coming weeks.
  • On the data front, we have current account data and a raft of mining figures due between 10 & 10:30am, with CA data forecast to tick higher - supporting strong terms of trade that have been supporting ZAR in recent months.
  • Focus today will also be on US inflation data. Yesterday's price action saw a bullish inverse head and shoulders formed on shorter-term timeframes.
  • Intraday Sup1: 13.678, Sup2: 13.5599, Res1: 13.7675, Res2: 13.8163
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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