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USD/ZAR Rejects 14.50 as Ramphosa Tightens His Grip on the ANC

SOUTH AFRICA
  • USD/ZAR drifts +0.34% higher at the open in line with $-side price action and mixed risk sentiment out of APAC.
  • Spot pulled back below the 14.50 handle in yesterday's session, but failed to close below 14.40.
  • In local politics, Ramahposa has rallied the support of the ANC Top 6 and is now in a strong position to see SG Magashule suspended – with a verdict seemingly coming next Monday.
  • This would be a major ZAR positive scenario, exhibiting a multi-year paradigmatic shift towards a reformist ANC.
  • However, with Magahsule vowing to fight the decision, we may see some more delays as is typical with SA.
  • Union battles with Govt over wage increases are heating up with Govt sticking to its fiscal consolidation goals (0% wage increase) thus far
  • but the threat of national strike action remains high.
  • Rising Covid infections are also a concern with health officials warning about the possibility of a third wave, which has thus far been slow in coming.
  • Intraday Sup1: 14.3883, Sup2: 14.3398, Res1: 14.4474, Res2: 14.4904
MNI London Bureau | +44 020-3983-7894 | murray.nichol@marketnews.com
BulletEM BulletEmerging Market News
MNI London Bureau | +44 020-3983-7894 | murray.nichol@marketnews.com
BulletEM BulletEmerging Market News

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