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Shaky Sentiment to Keep USD/ZAR Volatile Ahead of Jackson Hole Symposium

SOUTH AFRICA
  • USD/ZAR trades -0.37% lower this morning, tracking USD/CNH & the BBDXY as more positive risk sentiment filters through from the APAC session after a week of broad-based risk-off.
  • Local rumours of a national shutdown under the banner "Ramaphosa must fall" are a concern for ZAR stability today, although police have said they are prepared to manage the situation.
  • Social media lit up with threats of further unrest over the weekend, and will need to be monitored closely today for risks to further ZAR & SAGB weakness.
  • Beyond this, SA receives unemployment and PPI data this week – with unemployment already at record highs due to the impact of the Covid pandemic.
  • PPI is expected to moderate y/y & m/m, reinforcing the SARB's accommodative position on inflation pressures as broadly balanced.
  • On the international front, we see US flash PMIs today, 2Q GDP and the virtual Jackson Hole symposium where Fed Chair Powell may elucidate further on the Fed's taper timelines.
  • With sentiment shaky, ZAR will continue to remain volatile in line with fluctuating risk sentiment.
  • Intraday Sup1: 15.1377, Sup2: 14.9957, Res1: 15.3733, Res2: 15.5491
MNI London Bureau | +44 020-3983-7894 | murray.nichol@marketnews.com
BulletEM BulletEmerging Market NewsHomepage
MNI London Bureau | +44 020-3983-7894 | murray.nichol@marketnews.com
BulletEM BulletEmerging Market NewsHomepage

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