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USD/ZAR Falls Below 16.00 as the USD Backs Off Its Highs

SOUTH AFRICA
  • USD/ZAR trades -0.95% lower this morning, tracking USD weakness and CNH strength as global risk sentiment picks up.
  • US equity indices closed significantly higher yesterday on the back of upbeat earnings, easing risk-off pressures that have been impacting EM currencies across the board this week.
  • PPI data also printed notably higher than expected yesterday, bumping 1x4 FRA-Jiba3m spreads +2-3bp higher ahead of the May meeting to +44bp and 3x6s to +90.5bp.
  • Trade balance data is expected to show a strong improvement in March, however, with analysts anticipating a rise from R10.6bn to R22bn.
  • The start of union talks with govt over public sector wages represents a key fiscal battle for SA as it seeks to keep with its fiscal consolidation promised at the Feb budget.
  • Additionally, the release of the fourth Zondo report is expected to be handed to Ramaphosa today, which could provide the President with more ammunition to bury political rivals ahead of the December elective conference.
  • Intraday Sup1: 15.7965, Sup2: 15.7362, Res1: 15.9593, Res2: 16.0338
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  • USD/ZAR trades -0.95% lower this morning, tracking USD weakness and CNH strength as global risk sentiment picks up.
  • US equity indices closed significantly higher yesterday on the back of upbeat earnings, easing risk-off pressures that have been impacting EM currencies across the board this week.
  • PPI data also printed notably higher than expected yesterday, bumping 1x4 FRA-Jiba3m spreads +2-3bp higher ahead of the May meeting to +44bp and 3x6s to +90.5bp.
  • Trade balance data is expected to show a strong improvement in March, however, with analysts anticipating a rise from R10.6bn to R22bn.
  • The start of union talks with govt over public sector wages represents a key fiscal battle for SA as it seeks to keep with its fiscal consolidation promised at the Feb budget.
  • Additionally, the release of the fourth Zondo report is expected to be handed to Ramaphosa today, which could provide the President with more ammunition to bury political rivals ahead of the December elective conference.
  • Intraday Sup1: 15.7965, Sup2: 15.7362, Res1: 15.9593, Res2: 16.0338