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Citi write that last week, SA..........>

SOUTH AFRICA
SOUTH AFRICA: Citi write that last week, SA exporter and other bond related
inflows into ZAR were strong between 14.85 and 15.15, leaving the market long
USD and helping prompt the sharp moves in USD/ZAR yesterday once 14.74 gave way.
Citi now see USDZAR tending towards and below 14.80, extending into the 14.60 to
14.50 region. Citi see import demand persisting and picking up below 14.50.
-Citi see moves between 14.60 and 14.67 as an opportunity to reduce or exit
longs and sell USDZAR, with a close below 14.37 a bullish signal for further ZAR
strength. On EURZAR, Citi the range as 16.40 to 16.25.

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