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ZAR on the Backfoot as $ Buying Hurts Commodity Currencies

SOUTH AFRICA
  • USD/ZAR notching higher on $ buying and weakness in commodities (gold -0.48%, platinum -0.97%).
  • Focus returning to SA's reform agenda as markets call for expedited reforms to augment growth potential.
  • Slow vaccine rollout also doing little to support ZAR-asset optimism. Cross biased higher at the open towards 15.40-15.46 resistance as weaker risk sentiment hits risk-proxies.
  • Local focus on Zuma's trial and SAA's battle in labour court - where a ruling against SAA could jeopardise the airline's business rescue, sapping a great deal of the R10.5bn allocated by the Treasury.
  • Sup1: 15.3174, Sup2: 15.2117, Res1: 15.4007, Res2: 15.46
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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