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Latest Wage Negotiations Said To Breakdown

SOUTH AFRICA
  • USDZAR remains on an upward trajectory and recent short-term dips have proved to be corrective. USD strength is being underpinned by the ongoing strains on the economy relating to the Transnet strikes and most recent headlines this morning appear to be a negative development:
    • South African Labor Unions Reject New Transnet Wage Offer (BBG)
  • USDZAR maintains a bullish price sequence of higher highs and higher lows, reinforcing the bull trend condition. The focus remains on 18.3777 next, the May 19 2020 high.
  • News24 have reported the strike is estimated to be costing SA’s economy R6 billion per day. Interestingly, they cite coal flows out of South Africa last week were only 600,000 tons – the lowest in more than a year.
    • This represents a huge, missed opportunity for South Africa’s economy given the large increase in demand from Europe and the price of importing coal to Europe’s largest ports has risen the most since May.
  • In local news: An annual police report presented to parliament on Wednesday highlighted several alarming shortfalls of the South African Police Service. Among the shortfalls, the report outlined that irregular expenditure in the SAPS has increased by 352%. (Daily Maverick)
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