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ZAR outperforms alongside the Wall Street......>

RAND
RAND: ZAR outperforms alongside the Wall Street opening bell, faring better than
the rest of EMFX (barring TRY, against which it trades flat), with USD/ZAR
working to erase a bulk of Friday's sharp gains. ZAR trades better amid
Bloomberg reports quoting two unnamed sources who see South Africa's finance
minister Mboweni retaining his spot in government. This stability is seen as
working in favour of the ZAR for a second week after his inclusion in a list of
eligible MPs for cabinet posts was also followed by an uptick in market
sentiment.
-USD/ZAR remains above the 50- and 200-dmas at 14.2871 and 14.2547 which become
first support ahead of 13.9923 (the 50% retracement of the 13.2362 - 14.7483
move).
-Following the elections, USD/ZAR vols have come off, with 1m holding close to
recent lows at 14.22 points.
MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com
MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com

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