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SOUTH AFRICA: USD/ZAR rate shoots higher upon release of South Africa's
- More support for Eskom (loans not equity)
- Lower tax revenues expected, down 4% from February forecasts
- Treasury recognise risk of sovereign downgrade has increased since Feb
- Uptick in budget deficit forecasts (5.9% up from 4.5% Prev)
- Uptick in debt servicing costs, seen rising 13.7% annually across medium-term
- Need to find additional spending cuts
USD/ZAR now comfortably north of the 100-dma, hitting the best levels since