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Tepid CPI Gives SARB Space to Hold, Wage Struggles the Next Major Battle

SOUTH AFRICA
  • USD/ZAR trades lower at the open having retraced back towards 14.35 in Friday's session as a result of profit-taking after robust move lower aided by $ weakness.
  • Firm risk-on sentiment from the APAC session is likely to filter through into CEMEA today, providing support for the likes of ZAR. Commodities continue to gain ground: gold +0.22%, platinum +0.78%.
  • Local focus this week on CPI expected to tick marginally higher to 3.3%, but largely remain subdued – allowing the SARB to keep its rates stance accommodative while peers Turkey & Russia struggle with runaway price pressures.
  • Wage battles with unions are set to become the next primary focus alongside political factionalism within the ANC.
  • Govt will have to show decisiveness in fighting unaffordable union demands for markets to back govt plans to achieve the fiscal consolidation planned in the Feb budget. Vaccinations remain slow with J&J having stalled, but pressure to ignore risks may see the rollout resume soon.
  • USD/ZAR remains heavy amid $ weakness. Intraday sup1: 14.1879, Sup2: 14.1536, Res1: 14.3398, Res2: 14.3833
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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