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Shutdown Risks Linger as Ramaphosa Tightens His Grip on the ANC

SOUTH AFRICA
  • USD/ZAR opens slightly higher on an early dollar bid to pull back some of yesterday's weakness.
  • Local politics in focus as risks to a national shutdown remain over the bid to get ANC SG Magashule to step aside, although signs are yet to appear in the newsflow.
  • Tripartite ally SACP's support for Ramaphosa is major boon for the President, which may see him shore up some power within the party.
  • Plans to revitalise the Vaccine rollout are encouraging, given the Pfizer deal, but whether Govt will expedite the implementation is yet to be seen.
  • Commodities have eased slightly from decent gains in yesterday's session: gold -0.11%, platinum +0.27%.
  • PMI & Business Confidence data to provide a key gauge of sentiment/performance today, with a close eye on the FOMC minutes later today.
  • Intraday Sup1: 14.5238, Sup2: 14.4905, Res1: 14.6173, Res2: 14.6790
MNI London Bureau | +44 020-3983-7894 | murray.nichol@marketnews.com
MNI London Bureau | +44 020-3983-7894 | murray.nichol@marketnews.com

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