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USD/ZAR Backs Off From Swing lows as US Treasuries Bite Back

SOUTH AFRICA
  • USD/ZAR opens slightly higher, having reversed sharply off new swing lows at 14.1484 as US Treasury yields squeezed price action higher.
  • The cross is now back within the 16 April lateral range struggling for traction on either side.
  • Locals are hoping for a statement from Ramaphosa in the coming days RE Magahsule stepping aside.
  • However, it seems there are a number headwinds causing delays to the process – affording Magashule more time in power.
  • Ramaphosa's state capture testimony was rather uneventful - providing little incriminating evidence, and lots of promises to do better.
  • Union negotiations come into focus next week as discussions remain deadlocked and Govt holds firm on 0% increase promised…for now.
  • Today we see trade balance data, expected to moderate to R23.6bn from R29bn prior.
  • Commodities seen clawing back some gains after retreating yesterday in line with rising UST yields: gold +0.05%, platinum +0.86%.
  • Intraday Sup1: 14.2777, Sup2: 14.1832, 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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