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USD/ZAR Eyes 14.00 as Greenback Continues to Slide

SOUTH AFRICA
  • ZAR opens on the front foot this morning as broad-based $ selling drives the pair back towards the 14.00 handle.
  • Phase 2 vaccine rollout started on a positive note, but whether it can expand sufficiently to meet Health Dept goals, given the slow progress thus far, is another story.
  • Government blinking first in wage negotiations, offering a 1.5% increase and cash bonus strengthens union positioning in discussions and adds risks to SA's fiscal consolidation goals.
  • However, Govt has reiterated that it cannot do any real increases and still has space to manoeuvre – so lots of discussion still to come.
  • SA CPI in focus tomorrow ahead of Thursday's SARB (hold), expected to print closer to the 4.5% midpoint of the SARB's range, but unlikely to change its assessment of inflation pressures as broadly balanced.
  • Commodities trading mixed: gold + 0.10%, platinum -0.10%.
  • Intraday Sup1: 13.9844, Sup2: 13.952, Res1: 14.0768, Res2: 15.1536
MNI London Bureau | +44 020-3983-7894 | murray.nichol@marketnews.com
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MNI London Bureau | +44 020-3983-7894 | murray.nichol@marketnews.com
BulletEM BulletEmerging Market NewsHomepage

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