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Heading North


Modi, AMLO Top Major Economy Leader Poll, Macron Last


Under Pressure


Trend Condition Remains Bearish

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  • Supply bottleneck issues are becoming more apparent in South Africa, with reports yesterday detailing Kumba Iron Ore's difficulties in getting supply to ports with issues surrounding Transnet's failing rail network.
  • BusinessDay write that Transnet could become the next Eskom, with the transport company "lurching from crisis to crisis at enormous cost to the economy".
  • Following the deal made between employers and workers in the steel industry, the NUMSA has formally called off the strike which had prompted 155,000 steel and metal workers to abandon work across three weeks.
  • CB governor Kganyago is due to appear in a BIS panel discussion along Fed's Powell later today, due at 1630 local time (1530BST/1030ET).
  • USDZAR traded higher Thursday, but has breached support at 14.5701, Sep 23 low. The pair has also recently cleared the 50-day EMA and this, together with the break of 14.5701, signals scope for a deeper pullback. The focus is on 14.3444, 76.4% of the Sep 10 - 30 rally. 14.7652, the 20-day EMA marks initial resistance.