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USD/ZAR Eyes 14.50 Support, July Data to Reflect Social Unrest

SOUTH AFRICA
  • USD/ZAR trades flat slightly higher around the open, tracking choppy price action in the BBDXY & USD/CNH.
  • ZAR regained some composure last week after failing to move above 15.00 to the USD, but fell just short of taking the 14.50 level and remains mostly choppy.
  • Some positive developments over the weekend in the energy/mining sector as Eskom's Medupi plant achieves commercial operation and the mining department replaced its dysfunctional Samrad system.
  • The latter is a key development for mining investment as poor transparency and slow processing were deemed to be key obstacles to development in the sector.
  • Beyond this, we have PMI data due this week – which is supposed to be the first data reflecting the effects of social unrest in SA and will be watched closely for risks to the recovery.
  • USD/ZAR is currently caught between the 200dma and 14.50 support, with a break below the latter opening up a potential move towards the 100dma below at 14.30 – provided risk sentiment remains accommodative this week.
  • Precious metals providing little support to ZAR this morning, trading mixed: Gold -0.32%, platinum +0.56%.
  • Intraday Sup1: 14.5753, Sup1: 14.5042, Res1: 14.6577, Res2: 14.7583
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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