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HealthMin Replacement Rattles ZAR as Potential Risks to the Rollout Increase

SOUTH AFRICA
  • USD/ZAR trades a fraction higher at the open, mostly in line with tepid risk sentiment out of APAC.
  • 13.50 proved sticky once again following better than expected GDP and HealthMin Mkhize being placed on special leave pending the outcome of the "Digital Vibes" corruption investigation – which rattled ZAR sentiment somewhat.
  • Chinese inflation data came out mixed this morning with CPI lower and PPI higher, resulting in a push lower in USD/CNH - rejecting 6.40 resistance.
  • Although HealthMin Mkhize has said his family will be returning all funds, the damage is seemingly done with opposition and internal party members calling for his official resignation post-investigation.
  • The installation of Tourism minister Kubayi Ngubane will be monitored closely for risks to the vaccine rollout.
  • The NCC expressed concern over rising cases, but with daily infections at ~4200, no new restrictions are in the pipeline until the situation escalates further.
  • Commodities providing little by way of support for ZAR today: Gold -0.06%, Platinum -0.28%.
  • Another failure to breach 13.50 may see a bearish inverted head and shoulders pattern form on shorter-term timeframes.
  • Intraday Sup1: 13.5599, Sup2: 13.5111, Res1: 13.6780, Res2: 13.7557
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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