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USD/ZAR Drifts Higher Following Last Week's Hawkish SARB, Political Jostling On the Rise

SOUTH AFRICA
  • USD/ZAR trades +0.51% higher this morning, broadly in line with early upside in the BBDXY and concerns over renewed lockdowns in China.
  • The cross fell -2.80% last week following a relatively hawkish SARB meeting with a 3-2 MPC split almost tipping the scales in favour of a +50bp hike.
  • The focus this week will be on the motion of no-confidence in Ramaphosa and his Cabinet (wed), although both are not expected to pass. However, discussion around the voting will be interesting to monitor.
  • Political jostling within the party is increasing as the December elective conference comes into focus and many analysts are concerned that this will distract Ramaphosa from his reform agenda.
  • Nevertheless, the NEC voted to endorse Ramphosa’s bid to reform the party over the weekend as he seeks to consolidate his power base in 1H22.
  • On the data front, SA delivers unemployment, PPI and trade balance metrics this week with US NFPs the international focus.
  • USD/ZAR is drifting higher after Thursday’s hawkish SARB, with 14.50 the next key support to negotiate with price action hovering just shy of oversold territory on the RSI.
  • Intraday Sup1: 14.5794, Sup2: 14.5265, Res1: 14.6720, Res2: 14.7368
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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