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Fuel Price Rises Effective From Today

SOUTH AFRICA
  • Also worth noting price increases for fuel are effective from today, with petrol to increase by 51 cents per litre, and diesel to rise by R1.43-1.44, as flagged by various consultancies in recent weeks.
  • Early Tuesday ZAR outperformance (aided by strong gold prices and a tailwind from the Eskom ratings upgrade) faded through US hours on broad USD strength after JOLTS data indicating a tighter-than-expected labour market.
  • Key technical parameters remain intact for now, with 18.2214 (Sep 28 high) and 17.5709 (Oct 4 low) the nearest levels of note. EUR/ZAR printed YTD highs on Monday, reinforcing bullish conditions with the pair north of the 50-day EMA.
  • Focus turns to the Fed rate decision later today, with implications for the dollar and gold prices most notable for ZAR today.

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