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- 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