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IMF Revises Growth Forecasts Lower, Explosion Knocks Power In Durban

SOUTH AFRICA
  • The IMF now expects GDP to grow 2.1% this year from a prior forecast of 2.3%. For 2023, it now predicts 1.1% growth, revised lower from 1.4%. The outlook highlights that further energy and food price shocks may prompt inflation to persist for longer.
  • In local news overnight: The eThekwini municipality detailed that an explosion at the 275kv Klaarwater primary substation caused a widespread power outage to about 50% of the city.
    • The municipality released a statement this morning saying that power has been restored in most areas affected by the explosion. (EWN)
  • Despite piercing resistance at 18.2214, the Sep 28 high, at various stages this week, USDZAR is failing to garner momentum to the topside. However, the bullish price sequence of higher highs and higher lows and reinforces the bull trend condition. The focus is on 18.3777 next, the May 19 2020 high. Key short-term support remains 17.5709, the Oct 4 low.
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