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ZAR Weakness Sees Little Respite Amid Flooding, Load-Shedding

SOUTH AFRICA
  • ZAR had a tough session on Tuesday, prompting USD/ZAR to rally back above the 50-dma at 14.9299. There’s been little respite so far Wednesday, although the pair sits slightly lower at the European open. ZAR fell against most other EM currencies as markets responded to not just rallying US yields, but continued caution surrounding the outlook after flood-stricken territories around Durban dent the growth outlook, and as Eskom warns of persistent rolling load-shedding after a record high drop out of capacity at the weekend.
  • Following the flooding in KZN, damages to infrastructure continue to be calculated, with more than 600 schools damaged by the floods and 101 rendered inaccessible. The health department has estimated damage to health facilities to be over ZAR 187mln so far, with over 40,000 people have been left homeless due to damaged properties.
  • COGTA Minister Dlamini-Zuma has said that the government is planning to extend the latest national state of disaster for at least a further three months to assist those impacted by flooding on the Eastern Cape.
  • Inflation data takes focus at 10am localtime (0900BST, 0400ET) with markets expecting CPI to have risen by 6.0% on a Y/Y basis and 3.7% clip on a core basis. A 6.0% print would mark inflation meeting the very upper end of the SARB’s inflation targeting regime.
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