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ZAR At the Mercy of Global Risk Sentiment, Local Politics This Week

SOUTH AFRICA
  • USD/ZAR opens marginally higher on a firmer USD and mixed to weaker APAC session.
  • Commodities trading mixed this morning: Gold -0.07, Platinum +0.29, with stocks drifting lower -0.70%.
  • Limited local data on the agenda this week outside of retail sales means the cross will be vulnerable to US-side developments, global risk sentiment and brewing local political risks within the ANC over Magashule, Public Protector Mkhwebane and ex-President Zuma.
  • USD/ZAR is currently caught in a broad range around the 15.00 handle (14.8168 – 15.2116), awaiting fresh catalysts to break in either direction.
  • Intraday sup1: 14.9078, Sup2: 14.8168, Res1: 15.1202, Res2: 15.2116
MNI London Bureau | +44 020-3983-7894 | murray.nichol@marketnews.com
MNI London Bureau | +44 020-3983-7894 | murray.nichol@marketnews.com

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