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Free AccessUSD/ZAR Holds Below 13.50, Cabinet Reshuffle Murmurs Re-Emerge
- USD/ZAR trades slightly higher at the open, broadly in line with some early USD strength.
- Price action remains below 13.50 after the US NFP miss sparked a bout of risk-on.
- Domestic focus this week remains on public sector wage talks, which continue to edge towards national strikes as govt holds firm on its 1.5% offer.
- Murmurings of Cabinet reshuffles starting to re-emerge after going quiet in May, most likely brought back by recent allegations against HealthMin Mkhize.
- A Cabinet reshuffle would really cement Ramaphosa's grip on power in the party amid extensive factional infighting.
- Eskom Load-shedding risks remain acute and escalating, despite Eskom's improved debt situation.
- Unplanned breakdowns reman high and the risk of moving to more severe outages in the stage 4-5 zone would be a major drag on the recovery.
- Domestically we have a raft of data this week, including GDP which is expected to be strong, given higher commodity prices.
- Current Acc & mining data is also due at the end of the week alongside US CPI.
- The cross is now back in oversold territory on the RSI and well beyond fair value at 14.00-14.50, but continues to gains downside momentum in bouts of risk-on.
- Intraday Sup1: 13.3941, Sup2: 13.2406, Res1: 13.5111, Res2: 13.6780
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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.