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USD/ZAR Claws Back 1.39% from 15.50, Eyes Lower Levels as Fiscal Picture Improves

SOUTH AFRICA
  • USD/ZAR trades +0.33% higher this morning, hovering above the 15.20 level. The cross traded choppily to close -0.34% lower in yesterday's session, retracing a portion of the move down to 15.1438.
  • With elections in the rear-view, the local focus will be on the formation of coalitions, and more importantly for markets, the upcoming MTBPS.
  • Here, we see a more constructive environment for SA assets and markets anticipate a more positive budget than in recent years owing to the R140-169bn tax windfall expected at this meeting.
  • This should dominate the focus for next week with the meeting on the 11th (Thurs). For today, the focus shifts to US NFPs for more clues on the strength of the US labour market.
  • USD/ZAR has retraced -1.39% from Wednesday's highs, but will need to make a consolidated break below 15.2120 to potentially make a run at the 15.00-15.10089 zone in the near-term.
  • Intraday Sup1: 15.2120, Sup2: 15.1089, Res1: 15.3281, Res2: 15.3914
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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