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USD/ZAR Brushes off Third Wave Risks, Moves Below 13.90

SOUTH AFRICA
  • USD/ZAR opens lower on the back of further USD weakness at the start of the session.
  • Risk sentiment seems to have recovered substantially, given firmer footing in US equities. APAC indices off to a great start (CSI300 +3%) which should also buoy the Top40.
  • Virus concerns becoming louder in SA as experts warn of a shift to tighter restrictions.
  • Markets will be eyeing an announcement from the Coronavirus Council meeting today for a tightening in restrictions.
  • Despite somewhat lower real yields/carry following May's higher inflation print, ZAR remains a key go to in the hunt for yield.
  • Sell side has noted an uptick in ZAR real money inflows on the break below 14.00, signaling increased optimism in SA markets.
  • Commodities providing marginal support: gold +0.10%, platinum +0.14%.
  • Intraday Sup1: 13.8140, Sup2: 13.7190, Res1: 13.8931, Res2: 13.9532
MNI London Bureau | +44 020-3983-7894 | murray.nichol@marketnews.com
BulletEM BulletEmerging Markets NewsHomepage
MNI London Bureau | +44 020-3983-7894 | murray.nichol@marketnews.com
BulletEM BulletEmerging Markets NewsHomepage

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