Rand Licks Wounds Amid Reassessment Of Omnicron Situation

Comments from two South African health experts have helped soothe the nerves, as they noted that individuals infected with the Omicron variant of the Covid-19 virus have been showing mild symptoms so far. Nonetheless, Pres Ramaphosa confirmed that the new variant has already spread into all South African provinces and warned that the country may enter the fourth wave of infections "within the next few weeks, if not sooner." Ramaphosa deplored bans imposed by a number of countries on travel from South Africa, calling them unjustified and discriminatory.

• Spot USD/ZAR has moved away from a one-year peak printed last Friday. The rate sits at ZAR16.1433, ~1,400 pips lower on the day. Bears look for a fall through Nov 17 low of ZAR15.4474, which would clear the way to the 50-DMA/Nov 15 low at ZAR15.1582/42. Bulls keep an eye on the ZAR16.5000, which capped gains in late Oct 2020.