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USD/ZAR Brushes Off Third Wave Risks, Eyes 13.56-13.625

SOUTH AFRICA
  • USD/ZAR drifts lower in line with a softer greenback, having bounced off 18.8163 in yesterday's session.
  • Internal ANC frictions over Magashule continue as the NWC launches investigations into defiant behaviour by a number of members – but the overall result ends in more time (60 days) for Magahsule to disrupt ANC proceedings.
  • Third wave risks continue to rise as the positivity rate breaches 10% for the first time since Nov-2020, raising concerns about a move to level 2 restrictions.
  • The Coronavirus council met behind closed doors yesterday, and no news has been heard since.
  • USD/ZAR remains heavy, having taken out 13.90 – eyeing the 13.56-13.6235 zone.
  • Commodities slightly firmer as gold takes out $1,900: gold +0.28%, Platinum +0.88%.
  • Intraday Sup1: 13.8163, Sup2: 13.71, Res1: 13.8931, Res2: 13.9532
MNI London Bureau | +44 020-3983-7894 | murray.nichol@marketnews.com
MNI London Bureau | +44 020-3983-7894 | murray.nichol@marketnews.com

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