| Rates | |
| USD / ZAR: | 13,1637 |
| EUR / ZAR: | 14,4786 |
| GBP / ZAR: | 17,0004 |
| ZAR / JPY: | 8,6073 |
| EUR / USD: | 1,099 |
| GBP / USD: | 1,2911 |
| USD / JPY: | 113,48 |
| Ø | AR remains resilient due to dollar weakness | |||||||
| Ø | Con Court decision on the private ballot | |||||||
| Ø | US data disappoints the market and shows more weakness | |||||||
| ZAR continues its trend of strengthening and looking to break the 13.00 level, all on the back of a weaker dollar as US data disappoints the market. We must not become complacent and think we the best performing currency. ZAR is trading resiliently but the local headlines and rhetoric by B Molefe, telling all we must continue with the nuclear programme, must worry the pundits and more specifically the rating agencies, who are here to assess the country as the impending downgrade looms. We will see dollar demand across all the currencies as importers see great rates to cover their commitments. We have the ongoing court case regarding the secret ballot to hold a vote of no confidence on the President, this must make investors wary of what the future holds. Fundamentals are still ZAR positive and we may see the ZAR break the 13.00 level, but not for long. Talking to traders they looking to buy dollars at lower levels. Trading range 13.00 13.50 |
| Economic Data: | 16th May | ||||||||
| Ø | US Housing Starts m/m | Ø | US Manf Production | ||||||
| Ø | US Building permits m/m | ||||||||
| Ø | US Industrial Prod m/m | ||||||||
| Ø | US Capacity Utilisation | ||||||||
USD/ZAR Hourly Candle
This chart has reached it ST targets. I would look to stay square a few days as we would like to buy under R13.00 at this stage.
” Losers average down losers”– PTJ
USD/ZAR Daily Close
The R12.75 level is coming as long as the R13.80 level holds.
We are looking to get ling sub R13.00!
“The game of speculation is the most uniformly fascinating game in the world. But it is not a game for the stupid, the mentally lazy, the person of inferior emotional balance, or the get-rich-quick adventurer. They will die poor.” – Jesse Livermore
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