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- USD/ZAR trading choppily around the 14.50 handle, mirroring dollar-side price action around the FOMC minutes.
- ZAR still looking like a strong relative value bet vs beleaguered peers RUB & TRY.
- However, brewing rumours of a split in the ANC are a noteworthy development, indicating Ramaphosa's firming grip on the ANC may force SG Magahsuhle to splinter the RET faction into its own party.
- Magashule noted a month-end meeting with Ramaphosa to discuss the step aside ruling in yesterday's session, but as deadline approaches the RET faction will likely push harder to undermine the step aside process.
- Creation of an RET-free panel to assess the Public protector's fitness to hold office is also a net positive result for Ramaphosa and seems to be moving in the right direction.
- Manufacturing production expected to improve y/y today but is unlikely to move the needle too much – focus remains on $-side developments and broad risk sentiment to break 14.50.
- Intraday Sup1: 14.4905, Sup2: 14.4153, Res1: 14.6173, Res2: 14.4790