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Free AccessUSD/ZAR Ploughs Through its 100dma, GDP & Current Account In Focus
- USD/ZAR trades -0.20% lower this morning, tracking price action in USD/CNH in early trading after reports of more RRR cuts and even potential rate cuts emerged from the PBoC overnight – providing support to Chinese equities.
- ZAR continued to firm last week, moving through the 100dma following the substantial NFP miss on Friday which bolstered risk assets and precious metals.
- Momentum in USD/ZAR still remains bearish, despite the scale of the move (-7.25% since 20 Aug) with pronounced USD weakness, coupled with high ZAR real yields/vol-adjusted carry sustaining the move.
- SA has a busy week of data ahead with GDP & current account data the main focal points alongside the ECB and US PPI in the latter part of the week.
- Over the weekend covid cases fell sharply in a promising new trend with restrictions likely to be reduced to level 2 in the near future.
- However, the release of Zuma on medical grounds is highly controversial and shows major weakness within the ANC.
- Opposition parties and social groups are up in arms and will continue to be a source of distraction for the embattled ANC.
- Moreover, with the IEC going ahead with local elections in October, it seems the ANC will lose a substantial amount of support in key metros without even casting a single vote.
- Intraday Sup1: 14.1989, Sup2: 14.1536, Res1: 14.4098, Res2: 14.5042
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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.