Free Trial

USD/ZAR:14.50 Level Bats off Third Consecutive Test as Global Risk Sentiment Sours

SOUTH AFRICA
  • USD/ZAR seen retracing early downside on a firmer greenback, having pulled away from 14.50 for a third consecutive session.
  • Risk sentiment has seemingly taken a bit of a knock following a downturn in US equities in yesterday's session.
  • Govt remains firm on its resolution to suspend corruption accused officials, with suspension letters due to arrive immanently before the final suspension on Monday.
  • As expected, wage negotiations with unions are heating up with government hamstrung by financial difficulties and sticking with its pledge for 0% increases – increasing the likelihood of national strike action in the near-term.
  • Commodities providing little support to ZAR today: gold -0.13%, platinum -0.57%.
  • Intraday Sup1: 14.4247, Sup2: 14.3833, Res1: 14.4746, Res2: 14.5238
MNI London Bureau | +44 020-3983-7894 | murray.nichol@marketnews.com
MNI London Bureau | +44 020-3983-7894 | murray.nichol@marketnews.com

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.