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Downside Momentum in USD/ZAR Holds as Global Risk Sentiment Improves

SOUTH AFRICA
  • USD/ZAR trades -0.53% lower this morning, with continued USD weakness supporting a move below 14.50.
  • The cross fell -1.08% yesterday following cautious signs of progress in Ukraine talks with Russia pledging to pull back from Kyiv & Chernihiv to provide space for constructive negotiations.
  • Zelensky and the West remain sceptical, however, with analysts arguing that this may be a regrouping tactic to reorient its attention on the southeast of Ukraine to boost its bargaining position for more separatist territory.
  • Markets will eye energy prices for potential to see inflationary pressures recede somewhat, but more concrete progress will be needed in talks for markets to get more optimistic in central banks’ ability to look through the shock.
  • The motion of no-confidence in Ramaphsoa and his Cabinet will also be eyed today for intra-ANC dynamics and is not expected to succeed on the Ramaphosa front.
  • USD/ZAR continues to trade in line with global risk sentiment with the next key supports coming in at 14.3667 & 14.1536
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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