ZAR snapping three days of gains.......>

SOUTH AFRICA: ZAR snapping three days of gains against the greenback to turn

weaker early Wednesday, with wires pinning the move on Trump turning his sights

back to China rather than any domestic issues. First resistance sits at

yesterday's highs of 14.8305 and the 23.6% Fib of the recent incline at 14.9265.

Support for USD/ZAR sits at 14.5283, the 61.7% Fib of the 14.1300-15.1726 move

and the 50-dma at 14.3759.

-The moves in spot have helped halt the fall in 1m implied vols seen since the

beginning of the week, with the measure bouncing back to the YTD average of

15.15 vol points. Risk reversals, however, hold close to the multi-month lows

printed in the Tuesday session at 2.3 points in favour of USD/ZAR calls, a

marked pullback from the 3 points seen at the end of May.

-Retail sales takes focus from here, with the data crossing at 1200BST, with the

South African cabinet also due to begin a three-day meeting, with the talks and

policy implications expected to be commented on over the weekend and into the

early half of next week.