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USD/ZAR Breaks Above 14.80, Local Elections & PPI Data In Focus

SOUTH AFRICA
  • USD/ZAR trades +0.27% higher this morning, tracking early buying pressure on the BBDXY.
  • The cross continued to correct higher on Friday's session after reaching a swing low at 14.35 on Wednesday for a broadly choppy weekly close of +1.48%.
  • The focus this week will be on election campaigning as the local general elections draw nearer (1 Nov) with many analysts speculating a slip in support for the ANC, but nothing too material.
  • Moreover, the Medium-Term Budget comes into focus (4 Nov) with a more favourable fiscal backdrop being a supporting factor for SA's outlook going forward.
  • PPI data will also be eyed closely this week for clues on the SARB's next move in November following a slight rise to 5.0% in headline CPI. However, the divergence in opinion in local vs foreign analysts sees locals still in favour of a hold at the next meeting, owing to a muted domestic aggregate demand and credit impulse.
  • Price action in USD/ZAR has held above the 50dma at 14.7474 this morning, following Wednesday's sharp reversal.
  • Topside resistance comes in initially around the 14.88-15.00 zone. Intraday Sup1: 14.7866, Sup2: 14.7035, Res1: 14.9065, Res2: 14.9847
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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