| Rates | |
| USD / ZAR: | 13,0475 |
| EUR / ZAR: | 14,0413 |
| GBP / ZAR: | 16,24 |
| ZAR / JPY: | 8,5088 |
| EUR / USD: | 1,0752 |
| GBP / USD: | 1,2438 |
| USD / JPY: | 111,26 |
| Ø | ZAR remains under pressure | |||||||
| Ø | Kathrada funeral certainly put to bed #1 unpopularity | |||||||
| Ø | MPC rate decision | |||||||
| Ø | US talk of rate hikes | |||||||
| This has been a week from hell they say and nowhere near finished, although after Kathrada funeral I think #1 will find it a lot harder to remove the Min of Finance. If there was any doubt about the growing discontent within ANC about #1 as President, this had to be the test. This is still not impossible and one must remain vigilant, as he has no concern about the repercussions. Added to the political woes, we have the SARB to deliver its MPC decision and statement. Rates will now be kept on hold as the volatility in the ZAR will determine in future as to what will happen. The International market saw the Euro trade weaker as the Brexit exit comes to the execution, this weighed on the GBP. In the US still lots of talk of more rate hikes from Fed speakers keeping the USD recovery intact. Talking to traders, there is much confusion as to where to now, but in general they look to stay small long ahead of the political saga. Trading range 12.95-13.55 |
| Economic Data: | 30th Mar | ||||||||
| Ø | SA Money Supply M3y/y | Ø | US GDP Annualised | ||||||
| Ø | SA Priv sector credit y/y | Ø | US Personal Consumption | ||||||
| Ø | SA PPI y/y | Ø | US GDP Price Index | ||||||
| Ø | SA Budget | Ø | US Continuing Claims | ||||||
USD/ZAR Hourly Candle
The hourly rally failed to break R13.12 yesterday.
Currently I could see a move to R12.80 – R12.70 again but I would be looking to buy the Dollar there for a move to R13.25.
” 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
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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