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USD/ZAR Treads Water Around the Open, Despite Strong Fiscal Approach at MTBPS

SOUTH AFRICA
  • USD/ZAR trades +0.10% higher this morning, hovering around the 15.30 level on the back of mixed to firmer risk sentiment filtering through from the APAC session.
  • The cross fell -0.74% in yesterday's session following the broadly positive MTBPS meeting that aligned closely with our expectations - with FinMin Godongwana toeing the line on the fiscal front, while delivering vastly improved deficit and debt projection metrics.
  • Positivity was reflected more in the bond market than ZAR, with duration well bid on the day. This creates a solid fiscal platform for SA to launch a structural reforms package next year, but the implementation (as always) remains the difficult part from here.
  • Additional comments from Godongwana post-meeting regrading the sale of coal assets to offset its massive debt load is another positive, but will be a tough one to press past unions in practice.
  • 15.21 remains key support to the downside to unlock a move towards 15.00.
  • Alternatively, a move above 15.40 should see a continuation of the recent uptrend with USD strength still a dominant theme.
  • Intraday Sup1: 15.212, Sup2: 15.1089, Res1: 15.3914, Res2: 15.473
MNI London Bureau | +44 020-3983-7894 | murray.nichol@marketnews.com
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MNI London Bureau | +44 020-3983-7894 | murray.nichol@marketnews.com
BulletEM BulletEmerging Market NewsHomepage

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