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USD/ZAR Flirts With 15.00 Support, PPI Data Unlikely to Change SARB's Stance

SOUTH AFRICA
  • USD/ZAR trades -0.54% lower this morning, tracking early selling pressure on the BBDXY and mostly improved Chinese PMI & non-manufacturing data.
  • The cross rose +0.51% in yesterday's session, holding a broad range between 14.967-15.2235 as buying pressure in the USD drove the cross higher into the afternoon.
  • For today, the focus will be on PPI and trade balance data, with PPI potentially biased towards a higher print.
  • This, however, is unlikely to change the SARB's accommodative stance at this juncture.
  • Beyond PPI data, analysts will be monitoring the climate finance deal closely as we approach 31 October as it could mark a major directional shift from SA on energy policy with some major risks to Eskom potentially being alleviated through the just transition.
  • However, the dynamics are extremely complicated in terms of unions and social externalities linked to the coal industry. NUMSA strike in the steel industry is also a concern to monitor.
  • Momentum remains higher in USD/ZAR but is approaching key resistance in the 15.29-15.40 zone. The cross will need to break 14.90 to negate the bull trend.
  • Intraday Sup1: 14.9957, Sup2: 14.9065, Res1: 15.2080, Res2: 15.29
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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