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USD/ZAR Brushes Off Eskom Load-Shedding, Eyes 200dma Below

SOUTH AFRICA
  • USD/ZAR trades -0.34% lower this morning, resuming the downside momentum from yesterday's session.
  • The cross fell -0.67%, but failed to breach the 14.70 level, which gave way early this morning.
  • Firm selling pressure was seen around 14.88 resistance, with an inverted hammer candle forming on the daily chart with a close below the 50dma – reflecting a more bearish near-term bias.
  • Overnight FinMin Godongwana called for a week's delay to the MTBPS to provide more time for the local general elections on 1 Nov to play out – pushing the meeting data to 11 Nov.
  • This seems likely to be approved, and will bring the meeting and SA's more robust fiscal position into the spotlight in the next two weeks.
  • Load-shedding was extended overnight with Eskom still experiencing issues in replenishing emergency reserves.
  • This makes the focus on a solution for Eskom's Just Transition all the more important and will be discussed at the COP26 meeting (starts 31 Oct).
  • The bias in USD/ZAR remains lower for now with an eye on the 100 & 200dmas below at 14.5751 & 14.5580 respectively.
  • Intraday Sup1: 14.6072, Sup2: 14.5685, Res1: 14.7035, Res2: 14.7386
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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