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Vaccine Concerns Weigh on ZAR as SONA Comes Into View

  • USD/ZAR 0.28% higher at the open as concerns over vaccines dampen sentiment slightly.
  • The cross remains choppy around the 14.90 level that tentatively broke on the back of Friday's NFPs that sparked a bout of risk on, but not enough to confirm a resumption of the downtrend.
  • Focus this week on vaccine developments and Thurday's SONA.
  • Markets likely to be a bit disappointed in a typical SA SONA packed with dreams, but light on credible reform promises with the Feb 24 budget acting as a better future performance indicator.
  • Outside of that, the cross should be dominated by global risk sentiment & US CPI data. A clean break of Friday's low (14.83) is needed to take the next leg lower.
  • Commodities slightly firmer on weaker greenback (gold + 0.15% , Platinum +1.91%).
  • Res1 : 14.9078, Res2: 15.00, Sup1: 14.8337, Sup2: 14.7855
MNI London Bureau | +44 020-3983-7894 |
MNI London Bureau | +44 020-3983-7894 |

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