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ZAR: Rand Falls On Trade Tensions, S. Africa & US Trade Barbs Over Land Policy

ZAR
EM BulletBulletEmerging Market News

USD/ZAR had a look above the 19.0 mark amid an escalation in the new US administration's combative moves on the international trade front, which included the implementation of hefty tariffs on some of America's largest trading partners and threats of more being in the pipeline. The pair last deals at 18.9320, over 2,600 pips higher on the session, with bulls looking for a break above Jan 13 high of 19.2296. This would mark a resumption of the broader uptrend. Conversely, bears keep an eye on 18.3022, the Jan 24 low.

  • US President Trump pledged to end all aid to South Africa over President Ramaphosa's recent decision to sign the controversial Expropriation Act into law. This puts $440mn in US aid under threat, with a potential of a spillover into other benefits should tensions escalate, such as Pretoria's preferential access to US markets under the African Growth and Opportunity Act (AGOA). President Ramaphosa said he was looking forward to engage with the Trump administration and claimed that the only significant funding provided by the US goes towards South Africa's HIV/Aids programme.
  • On a positive note, Eskom ended loadshedding after a "temporary setback" over the weekend and said that its summer outlook remains unchanged.
  • SAGB yields shot higher across the curve. South Africa's 5-year breakeven inflation rate has climbed to 4.45% and the 10-year rate last sits at 5.61%.
  • The composite BBG Commodity Index has added 0.8%, while the precious metals subindex has trimmed losses to last sit 0.2% lower on the session.
  • Doing little to help wider sentiment, China's Caixin Manufacturing PMI unexpectedly deteriorated to 50.1 in January, missing the consensus forecast of 50.6.
  • South Africa's Absa Manufacturing PMI will be published at the top of the hour.
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USD/ZAR had a look above the 19.0 mark amid an escalation in the new US administration's combative moves on the international trade front, which included the implementation of hefty tariffs on some of America's largest trading partners and threats of more being in the pipeline. The pair last deals at 18.9320, over 2,600 pips higher on the session, with bulls looking for a break above Jan 13 high of 19.2296. This would mark a resumption of the broader uptrend. Conversely, bears keep an eye on 18.3022, the Jan 24 low.

  • US President Trump pledged to end all aid to South Africa over President Ramaphosa's recent decision to sign the controversial Expropriation Act into law. This puts $440mn in US aid under threat, with a potential of a spillover into other benefits should tensions escalate, such as Pretoria's preferential access to US markets under the African Growth and Opportunity Act (AGOA). President Ramaphosa said he was looking forward to engage with the Trump administration and claimed that the only significant funding provided by the US goes towards South Africa's HIV/Aids programme.
  • On a positive note, Eskom ended loadshedding after a "temporary setback" over the weekend and said that its summer outlook remains unchanged.
  • SAGB yields shot higher across the curve. South Africa's 5-year breakeven inflation rate has climbed to 4.45% and the 10-year rate last sits at 5.61%.
  • The composite BBG Commodity Index has added 0.8%, while the precious metals subindex has trimmed losses to last sit 0.2% lower on the session.
  • Doing little to help wider sentiment, China's Caixin Manufacturing PMI unexpectedly deteriorated to 50.1 in January, missing the consensus forecast of 50.6.
  • South Africa's Absa Manufacturing PMI will be published at the top of the hour.