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Survey To Suggest ANC Could Retain Majority in 2024

SOUTH AFRICA
  • South Africa’s governing African National Congress has a chance of retaining its majority in national elections in 2024, according to a survey conducted by the Social Research Foundation.
  • The survey, the full results of which are scheduled to be released in coming days, predicts that among likely voters the ANC could win as much as 52% of the vote if there is a 56% turnout of registered voters.
    • For reference, Ipsos, earlier this month predicted the ANC would win 42% if an election were held this month and Rapport, an Afrikaans-language newspaper, gave the ANC 38% of the vote, citing an internal poll conducted by the ANC and other research.
  • USDZAR short-term conditions remain bullish following the latest recovery and bounce from 16.1104, the Aug 11 low.
  • A continuation higher amid the ongoing greenback strength would open 17.3060, the Jul 14 high and a bull trigger.
  • Initial support resides around 16.75, the 20-day EMA and close to Friday’s lows.

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