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USD/ZAR Struggles for Traction Below 14.00 as Third Wave Risks Grow

SOUTH AFRICA
  • USD/ZAR opens lower on the back of some early selling pressure on the USD.
  • The cross traded choppily into the weekend as ZAR bulls failed to gain traction below the 14.00 handle.
  • The start of phase 2 vaccinations is a positive, but many remain sceptical about the Health Department's overly ambitious goals, given how slow the rollout has been to date.
  • Political rumblings continue as Magashule refuses to apologise to Ramaphosa and approaches the courts
  • analysts say he is unlikely to find much support but may buy himself time to delay the process.
  • Wage negotiations also draw closer to strike action as both sides remain at an impasse, but unions said they're optimistic Govt will blink first.
  • The SARB is expected to keep rates on hold this week and likely out to year-end, despite a slightly firmer CPI print towards the mid-point of the 3-6% range.
  • High unemployment and muted demand impulse remain key factors keeping price pressures balanced, and allowing the SARB to retain its accommodative stance.
  • Intraday sup1: 14.0768, Sup2: 13.9844, Res1: 14.1536, Res2: 14.1879
MNI London Bureau | +44 020-3983-7894 | murray.nichol@marketnews.com
BulletEM BulletEmerging Market NewsHomepage
MNI London Bureau | +44 020-3983-7894 | murray.nichol@marketnews.com
BulletEM BulletEmerging Market NewsHomepage

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