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USD/ZAR Fails to Make Consolidated Break of 15.00, PPI Data in Focus

SOUTH AFRICA
  • USD/ZAR trades +0.29% higher this morning, broadly in line with a Buying pressure on the BBDXY and a higher USD/CNH.
  • Price action held below 15.00 in yesterday's session, but failed to make a consolidated break below 14.90 support.
  • While the impending release of spectrum is a positive development, ANC staff strikes over unpaid wages is a concern as the party faces liquidity constraints.
  • PPI data will be the main focus today with a downside print reinforcing the SARB's balanced outlook in inflation factors – with CPI expected to remain around the midpoint of the 3-6% range for some time.
  • After a decent relief rally, ZAR remains at the mercy of global risk sentiment in the lead-up to Jackson Hole, with a break below 14.88 vs the $ needed to sustain recent downside momentum in the cross.
  • Commodities under pressure early in this morning's session: gold -0.35%, platinum -0.96%, weighing somewhat on ZAR.
  • A consolidated break above 15.06, opens up a potential move towards 15.2080.
  • Intraday Sup1: 14.9065, Sup2: 14.88, Res1: 15.0566, Res2: 15.1367
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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