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USD/ZAR Eyes 14.50 as USD Bulls Return Post-FOMC Minutes

SOUTH AFRICA
  • USD/ZAR trades firmer at the open as markets continue to digest last night's FOMC minutes.
  • MPC members alluded to the need to expedite tapering, but fell short of delivering guidance on timing or composition – resulting in a mixed reaction that seems to be manifesting itself into USD strength and risk-off this morning.
  • This is likely to dominate price action today, offsetting positive domestic developments after Zuma handed himself over to authorities last night, avoiding violent police clashes with supporters.
  • Zuma's arrest is a positive development for SA and Ramaphosa as his anti-graft campaign makes a key victory and his faction turns the screws on RET sympathisers.
  • Carl Niehaus' suspension yesterday is yet another example of this.
  • Additionally, it seems unions are ready to accept the public sector wage agreement with little space left to manoeuvre.
  • Overall, this is a better performance than expected from Govt on its fiscal consolidation effort, especially from credit agencies perspective – which were highly sceptical from the outset.
  • While this is unlikely to translate into any upgrades, S&P said it was mostly constructive on SA.
  • Gauteng covid cases are showing tentative signs of peaking, but the remainder of the country remains in an uptrend.
  • Intraday Sup1: 14.2908, Sup2: 14.2277, Res1: 14.5198, Res2: 14.5762
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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