SOUTH AFRICA: Top Council in DA Endorses Unity Government With ANC

• "The federal council of South Africa’s Democratic Alliance has unanimously endorsed a resolution affirming the mandate of Federal Leader John Steenhuisen and the party’s negotiating team to continue with the process towards the formation of governments at national and provincial levels with hung legislatures." (Bloomberg)
• "The party’s federal executive will make the final decision relating to coalitions and the formation of governments at national and provincial levels"
• "The DA continues to engage with other parties with the aim of forming stable governments"

Solid dip in USDZAR on the back of that report, with the pair extending losses to around 0.7% on the session. Initial support to watch lies at 18.4946, the Jun 3 low. Clearance of this level could highlight a possible short-term bearish reversal.