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Trade Balance Shows Larger Surplus Than Forecast

SOUTH AFRICA
  • South Africa Trade Balance (ZAR) +24.8bln vs. Exp. +19.0bln (Prev. +24.2bln)
  • Exports dropped 4.1% on the month, while imports dropped 5%.
USD/ZAR remains toward the top-end of the day's range, holding just above 17.00 at pixel time. USDZAR short-term conditions remain bullish following the latest recovery and bounce from 16.1104, the Aug 11 low. A continuation higher would open 17.3060, the Jul 14 high and a bull trigger. Key support lies at the trendline drawn from the Apr 13 low - it intersects at 16.2076. Initial firm support lies at 16.5744, the 50-day EMA.

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