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|GM disinvests in SA ahead of SA corruption and Political turmoil
|Brazil woes affecting EM currencies
|Trump in denial on investigation.
|Fundamental’s still good but at mercy of SA sagas
|ZAR loses most of it gains due to Brazils woes, political situation locally and abroad and more importantly the exit of General motors. Is this the start of companies getting nervous about the further down grades and disinvestment? Brazils corruption scandal affecting the leadership and their currency and ultimately the EM currencies will suffer. The parallel with SA state capture should be clear how investors do not take kindly to reports of maladministration, corruption, deceit and leaders running their countries like their fiefdom. This must be a cheap lesson for SA Gov as to how quickly investors can run from a country. Going abroad we have Pres Trump denying Corney to halt Flynn probe and says it’s a witch hunt. Even as underlying fundamentals seen through economic data is still an attractive bond yields on offer, having said that fundamentals will not play a part when political situations in countries are the fore front of events. Talking to traders status quo remains with some correction on weekend profit taking. Trading range 13.25-13.74
USD/ZAR Hourly Candle
This chart is some kind complex correction and all best are off for now!
” I believe the very best money is made at the market turns. Everyone says you get killed trying to pick tops and bottoms and you make all your money by playing the trend in the middle. Well for twelve years I have been missing the meat in the middle but I have made a lot of money at tops and bottoms.”– PTJ
USD/ZAR Daily Close
This chart now appears to have a double bottom and could be headed to the R13.70 level before coming down again.
It could also be a complex correction in which case all best are off!
“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