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USD/ZAR Rallies as Eskom Confirms 6,000MW Pulled From Grid

SOUTH AFRICA
  • Eskom confirms that "Due to unlawful industrial action, Stage 6 loadshedding will regretfully be implemented at 16:00 until 22:00 this evening. Stage 4 will then continue to be implemented until midnight."
  • The load-shedding persists as labour strikes continue to disrupt operations. The CEO this morning warned that stage 6 load-shedding could be imminent as soon as today - so not too much of a surprise.
  • Unions have appealed to the public enterprises minister Gordhan to intervene – a move which usually works in union’s favour, according to News24.
  • USD/ZAR extends day's outperformance, putting the pair at 16.0494, the highest rate since June 22nd and narrowing the gap with next key resistance of 16.1867 - the Jun13 high.

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