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USD/ZAR Lateral Consolidation Continues as Political Rumblings Get Louder

SOUTH AFRICA
  • USD/ZAR trades mostly flat around the open, still pegged in its lateral consolidation range.
  • Focus this week shifts to local politics, union tussles and the vaccine rollout with things mostly going in the right direction on all three fronts.
  • Ramaphosa will face discussions with rival Ace Magashule as his deadline to step-aside from the SG role arrives this week.
  • So far, all the cards have come up Ramaphosa with increasing talk of Magashule being forced to splinter the RET faction from the ANC.
  • However, this process may yet be further out as Magashule is unlikely to step aside immediately.
  • Encouragingly, Govt has held strong on fiscal goals through its commitment 0% wage increases, but unions are rallying support against this.
  • Additionally, the J&J rollout will resume on Wednesday.
  • On the data front, PPI is expected to lift slightly to 4.6% - a lower than expected print may see more momentum added to recent bull steepening and reinforce the SARB's accommodative stance.
  • Commodities trading mixed, but firmer near-term outlook for gold and platinum should be ZAR supportive going forward.
  • Intraday Sup1: 14.1879, Sup2: 14.1563, Res1: 14.3398, Res2: 14.3833
MNI London Bureau | +44 020-3983-7894 | murray.nichol@marketnews.com
BulletEM BulletEmerging Market News
MNI London Bureau | +44 020-3983-7894 | murray.nichol@marketnews.com
BulletEM BulletEmerging Market News

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