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ZAR Feels the Pinch as UST Yields Notch Higher, Climate Finance Deal Eyed

SOUTH AFRICA
  • USD/ZAR trades -0.36% lower this morning in line with early selling pressure on the BBDXY and a slightly firmer CNH.
  • The cross rose +0.86% in yesterday's session moving tentatively above the prior high at 15.10 to 15.1671 – but has retracted back towards 15.00 with this morning's price action.
  • ZAR continues to feel the pinch of uncertainty in China and higher UST yields – with momentum in USD/ZAR still to the upside for now.
  • However, there has been some tentative selling into peaks noted. Threats of union action are a concern for the start of October, with many concerned that these could be among the worst strikes since 2014.
  • However, positive developments on the climate finance meetings RE Eskom's sustainable transition would be a majorly positive shift for SA if the DM grouping approves financing.
  • With limited data on the agenda, the cross will continue to trade in line with global risk sentiment.
  • Intraday Sup1: 14.9957, Sup2: 14.9065, Res1: 15.1367, Res2: 15.2723
MNI London Bureau | +44 020-3983-7894 | murray.nichol@marketnews.com
BulletEM BulletEmerging Market NewsHomepage
MNI London Bureau | +44 020-3983-7894 | murray.nichol@marketnews.com
BulletEM BulletEmerging Market NewsHomepage

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