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Virus Hotspot Shifts to Western Cape

SOUTH AFRICA
  • Markets eye further COVID concerns as data begins to show the epicentre of the virus spread has now shifted from Gauteng to Cape Town and the Western Cape. The area is estimated to have around 38,000 active cases of COVID, with close to 4,000 hospitalisations (700 of which are in intensive care). Three field hospitals have been established to accommodate further patients, but officials have admitted the system is under pressure.
  • As expected, yesterday the government took the first steps to cancelling this year's municipal elections by looking to declare October 27th as election day - the first step in the process to delaying a vote until 2022. The Electoral panel believe the COVID pandemic would hamper attempts to ensure a free and fair election.
  • Former President Zuma is due to learn the formalities surrounding his court date, with Zuma protesting that he would refuse to appear in court virtually - a move that could delay proceedings further. He is due to testify on the ongoing arms deal corruption trial.
  • The schedule's light for the rest of the session (with whole economy PMI now out of the way), with focus remaining on ZAR's persistent strength since the FOMC decision last week. USD/ZAR is making headway toward the 50-dma support at 14.2089 - a break below which would be the first since March. 14.2039 acts as first support (50% Fib) ahead of 14.0171.
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