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Free AccessNedbank Sees Limited Scope for Downside as USD/ZAR Hits 14.00
- USD/ZAR Pulled back from a 16-month low in yesterday's session, having briefly traded a fraction below 14.00 on the back of further USD weakness.
- Positive local political developments, coupled with strong ZAR fundamentals, have supported the currency in recent months.
- However, Nedbank has noted that further USD/ZAR downside may be limited as the cross is close to fair value and will be dependent on dollar weakness for more traction below 14.00.
- Third wave concerns becoming louder as health experts warns of revisions to model estimates for a mild third wave based on the appearance of new variants.
- Murmurings of Cabinet reshuffles also starting to re-emerge in local press, and may become louder now that Magahsule's suspension has been confirmed.
- However, this is by no means the end of the political rumblings within the ANC with eyes on the prospect of an RET breakaway in the coming months.
- Union negotiations remain deadlocked, with the threat of a national strike rising.
- Dollar weakness supporting upside in precious metals in recent sessions, but trading mostly subdued today.
- Intraday Sup1: 13.9631, Sup2: 13.9326, Res1: 14.0768, Res2: 14.1536
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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.