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SARB Positioning In Focus Ahead Of CPI; USD/ZAR Below 15.00

SOUTH AFRICA
  • USD/ZAR opens lower in line with positive local/global sentiment after breaching 15.00 yesterday.
  • Focus today is on CPI (8:00 GMT), expected to print 0.1% MoM & 3.2% YoY.
  • Higher or flat prints would vindicate the SARB's hold status.
  • However, a 3.0% or lower might see a repricing lower in the front end of the curve on a re-pricing of rate cut expectations that were pushed out last month, despite the SARB's more hawkish tilt.
  • A move through 14.90 should see spot drift lower towards 14.77 support.
  • Retail sales and business confidence data also due at 8am
  • Retail sales expected to pick up at 1.6% vs 1.1% prior, Business conf expected to moderate to 85.0 vs 85.7 prior.
  • Higher prints may offset concerns surrounding the PMI drop-off last week.
MNI London Bureau | +44 020-3983-7894 | murray.nichol@marketnews.com
BulletEM BulletEmerging Market News
MNI London Bureau | +44 020-3983-7894 | murray.nichol@marketnews.com
BulletEM BulletEmerging Market News

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