| Rates | |
| USD / ZAR: | 13,305 |
| EUR / ZAR: | 14,558 |
| GBP / ZAR: | 17,19 |
| ZAR / JPY: | 8,4084 |
| EUR / USD: | 1,0934 |
| GBP / USD: | 1,2913 |
| USD / JPY: | 112,04 |
| Ø | ZAR remains range bound | |||||||
| Ø | Min Gigaba to explain Radical Transformation | |||||||
| Ø | Data released worse than expected, reflecting concern | |||||||
| Ø | FOMC meeting due today | |||||||
| ZAR remains range bound but this could change as Min of Fin will be explaining “Radical Transformation” at the World Economic Forum on Africa today and this could prove interesting. South African Reserve bank has voiced concern on Financial stability as further downgrades are imminent. Yesterday figures were worse than expected, which speaks to confidence that has been knocked amid downgrades. These figures are surely highlighting the impact of the cabinet reshuffle on the economy. ZAR has not weakened as would have been expected due to the fact we have been spared the impact of outflows, courtesy of the higher interest rates. This will run out as more bad political news raises its head, as the race for President hots up and bad news emanates on the oil deal by ex Min of Energy. There must be a huge loss incurred by the false information given by Tina Joemat-Peterson, at expense of tax payers. Further abroad, market await for the latest FOMC decision and statement and stronger direction. Talking to traders status quo remains. Trading range 13.25-13.65 |
| Economic Data: | 3rd May | |||
| Ø | US MBA Mortgage Applica | |||
| Ø | USD ADP Employment change | |||
| Ø | US FOMC Rate decision | |||
USD/ZAR Hourly Candle
Based on this charts new formation I would have to say that we rally before coming lower, with targets at
R13.58 – R13.74.
” Losers average down losers”– PTJ
USD/ZAR Daily Close
The R12.75 level is coming and we are waiting to see what the market structure looks like once it gets there and if we are keen to buy $’s.
“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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