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USD/ZAR May Trade Choppily into Weekend on Profit-Taking & ANC Political Posturing

SOUTH AFRICA
  • USD/ZAR trading higher at the open in line with a firmer USD and softer commodities: Gold -0.73%, Platinum -1.23% pulling stocks lower.
  • The cross is likely to remain choppy around the 15.00 handle today as markets negotiate the US stimulus package/UST yields, alongside potential weekend profit-taking in risk assets.
  • US-China frictions over Hong Kong and Huawei restrictions should be monitored for pass-through into USD/CNH.
  • ANC power politics in focus on Sunday as Magahule and Ramaphosa hear from the NEC about Integrity Committee findings - expected to advise Magashule step aside and set the stage for a more decisive battle for power in the ANC if he refuses.
  • Intraday Sup1: 14.8154, Sup2: 14.7158, Res1: 14.9867, Res2: 15.1202
MNI London Bureau | +44 020-3983-7894 | murray.nichol@marketnews.com
MNI London Bureau | +44 020-3983-7894 | murray.nichol@marketnews.com

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