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ZAR Buyers Emerge at 14.35 as SA Remains an Unlikely EM FX Haven

SOUTH AFRICA
  • USD/ZAR trades choppily around the open with a slight downside bias in line with early softness in USD price action.
  • 14.35 has proven to be fairly sticky, drawing ZAR buying interest in markets as idiosyncratic issues in Turkey & Russia make SA a relative EM FX haven – given wide real yields, contained virus situation, low implied vols, subdued inflation and solid current account surplus.
  • Cabinet reshuffle & Magashule concerns have gone slightly quiet, but should ramp up next week as the step aside deadline draws closer.
  • Magashule also set to meet Ramaphosa next week, which will be a key face-off.
  • More unreasonable wage claims from unions, however, remain a key threat to SA's fiscal consolidation drive and represent a substantial hurdle this year.
  • Risk-on/off conditions should remain a key driver for the cross in the near-term.
  • Intraday Sup1: 14.1879, Sup2: 14.1536, Res1: 14.3398, Res2: 14.3833
MNI London Bureau | +44 020-3983-7894 | murray.nichol@marketnews.com
BulletEM BulletEmerging Market News
MNI London Bureau | +44 020-3983-7894 | murray.nichol@marketnews.com
BulletEM BulletEmerging Market News

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