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Free AccessUSD/ZAR Choppy Below 14.50 as Political Infighting Escalates
- USD/ZAR trades lower at the open in line with early selling pressure on the BBDXY.
- The cross pulled back sharply from Friday's test of the 14.50 level, but remains choppy as political/factional tensions escalate within the ANC over Zuma's jail sentence.
- The next three days will be crucial as the police deadline for Zuma's arrest expires and the NEC holds a special meeting on the matter today.
- While an order to arrest Zuma would spark political instability in the short-term (Especially in KZN region), it represents a positive shift for both SA and Ramaphosa's anti-graft campaign.
- Magashule also continues to defy the ANC by speaking to Zuma supporters and refusing to leave the ANC, which may bring the NEC closer to ordering his expulsion.
- Additionally, strike risks continue to escalate with unions due to respond to a marginally sweeter wage deal from Govt.
- Nevertheless, the latest offers come in way below union demands and will most likely be rejected.
- Intraday Sup1: 14.1421, Sup2: 14.0768, Res1: 14.3667, Res2: 14.4771
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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.