| Rates | |
| USD / ZAR: | 12,7362 |
| EUR / ZAR: | 13,8547 |
| GBP / ZAR: | 16,019 |
| ZAR / JPY: | 8,6642 |
| EUR / USD: | 1,0866 |
| GBP / USD: | 1,2568 |
| USD / JPY: | 110,55 |
| Ø | ZAR loses all its gains on #1 decision | |||||||
| Ø | Rumours rife as the cabinet reshuffle | |||||||
| Ø | JZ calling for Standard Bank application in Gupta case struck of roll | |||||||
| Ø | Save South Africa refer to it as economic sabotage | |||||||
| Condolences to the family of Ahmed Kathrada and the Ahmed Kathrada foundation and friends. Now to the huge blow South Africa was dealt yesterday when #1 recalled the Min of Fin from his roadshow to convince offshore investors, SA is a place to look at and invest in. On the contrary, all he did was create the Pravingate and speculation that the cabinet reshuffle is imminent. Rating agencies are waiting with bated breath as to what may transpire and you can be assured if the Treasury suffers at the cabinet reshuffle, South Africa will be downgraded to junk status, especially if the rumours are true that Mr Molefe will be assigned the task, as he is both tainted and compliant and a fellow of the Gupta institution. Ironically, a day before the Gupta court case proceeds we recall the entourage from the roadshow and #1 denies they asked for the trip, which is amazing as he appointed Naledi Pandor in charge of finance. The ZAR lost all the ground it had made even as the dollar showed some gains the ZAR remained resilient until the Pravingate move. Traders are all square as they got hurt at the announcement. Trading range 12.75-13.75 |
| Economic Data: | 28th March | ||||
| Ø | SA Non Farm Payrolls q/q | ||||
| Ø | SA Non Farm Payrolls y/y | ||||
| Ø | USD Conf Board Consumer Conf | ||||
| Ø | US Wholesale Inventories m | ||||
USD/ZAR Hourly Candle
This rally has literally taken the market by surprise.
Although the 24 hour move has been pretty big the price is still under R12.90.
I feel this chart can still rally some but I would expect this rally to fizzle out by R13.05.
” Fundamentals might be good for the first third or first 50 or 60 percent of a move, but the last third of a great bull market is typically a blow-off, whereas the mania runs wild and prices go parabolic.” – PTJ
USD/ZAR Daily Close
After a surprize rally yesterday I would be looking to sell the Dollar over R13.00 with a stop over R13.35.
“The markets are never obvious. It is designed to fool most of the people, most of the time.” – Jesse Livermore
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