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Third Wave Risks Loom as USD/ZAR Holds Below 14.00

SOUTH AFRICA
  • USD/ZAR trades flat to slightly lower around the open, tracking some early selling pressure on the greenback.
  • The cross managed to hold below 14.00 at the end of the week, but will need to close below 13.90 to confirm the next downleg.
  • Domestic focus this week remains on Magashule, wage negotiations and third wave risks. NWC meeting today will be a key gauge for the ANC's position on its court case with Magahsule next week,
  • and also speculation regarding his possible expulsion from the ANC.
  • Wage negotiations also continue this week, with neither side showing signs of buckling just yet.
  • Third wave risks are becoming more pronounced as cases jumped to 4,236 over the weekend – which could temper ZAR strength.
  • Experts have called for tighter restrictions, but economists have warned that the economy cannot sustain another hard lockdown.
  • PPI data on Thursday will also be eyed closely following last week's SARB.
  • Intraday Sup1: 13.8931, Sup2: 13.8659, Res1: 13.9844, Res2: 14.0768
MNI London Bureau | +44 020-3983-7894 | murray.nichol@marketnews.com
BulletEM BulletEmerging Market NewsHomepage
MNI London Bureau | +44 020-3983-7894 | murray.nichol@marketnews.com
BulletEM BulletEmerging Market NewsHomepage

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