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Third Wave Looms Large as USD/ZAR Bounces Off 14.20

SOUTH AFRICA
  • USD/ZAR opens lower on the back of early selling pressure on the USD, having pulled away from 14.1879 resistance in yesterday's session.
  • ZAR continues to be one of the main beneficiaries in a reversion to risk-on, but was outdone yesterday by the more undervalued RUB which gained some firm bullish momentum on a bout of $ selling.
  • Focus shifts to the Covid situation locally, which appears to be deteriorating as cases breach the 3k/day mark.
  • However, economists have said SA's economy cannot withstand another hard lockdown.
  • US data remain the big-ticket item for price action today, but market will look to next week's SARB for more guidance on its view of price pressure
  • which have been extremely balanced vs the broader trend of overshooting pressures across EM.
  • Broad consensus aligns with a hold at this meeting and out until the end of the year, given the muted demand impulse.
  • Commodities firmer today: gold +0.47% & Platinum +1.25%, which should support a firmer day for stocks to follow on from upside in APAC indices to close out a volatile week.
  • Intraday Sup1: 14.0786, Sup2: 13.9844, Res1: 14.1536, Res2: 14.1879
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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