| Rates | |
| USD / ZAR: | 13,8375 |
| EUR / ZAR: | 14,7866 |
| GBP / ZAR: | 17,29 |
| ZAR / JPY: | 7,9721 |
| EUR / USD: | 1,0675 |
| GBP / USD: | 1,2486 |
| USD / JPY: | 110,47 |
| Ø | JZ merely apologises to his cadres for his ill-timed reshuffle | |||||||
| Ø | DG resigns and looks like man of moment to replace is tainted B Molefe | |||||||
| Ø | Difficult to see fiscal growth trends | |||||||
| Ø | Disinvestment must be imminent | |||||||
| Well, the ANC Gov have not taken the people of SA seriously, as #1 just had to apologise to the nation on his ill-timed and ill-considered removal of Pravin Gordhan and that exonerates him of the downgrade and the tragic implications to the poorest of the poor. Then the DG resigns and we hear another Gupta stooge could replace him namely B Molefe. This must make the International Investors very concerned and this must get the remaining rating agencies to downgrade to junk status. ZAR has weakened on the back of the political tension and the complacency that has resulted by the ruling party. Until the Gov comes to terms with its failed policies and its inability to deliver service to get growth, it is difficult to see growth trends reversing. Offshore investors are surely getting cold feet and will look to disinvest at the brazen disregard for the Nation and the downgrade implications. Talking to traders the status quo remains to stay long of dollars. Trading range 13.60-14.30 |
| Economic Data: | 06th Apr | |||
| Ø | US Initial Jobless claims | |||
| Ø | US Continuing claims | |||
USD/ZAR Hourly Candle
This chart could easily rally back over R13.94 and even R14.13, but I would take that opportunity to sell out $ longs as a pullback is on the way.
” If I have positions going against me, I get right out; if they are going for me, I keep them… Risk control is the most important thing in trading. If you have a losing position that is making you uncomfortable, the solution is very simple: Get out, because you can always get back in.” – PTJ
USD/ZAR Daily Close
Well this chart could still rally to well over the R14.00 level, and hence we will stay out here!
“The markets are never obvious. It is designed to fool most of the people, most of the time.” – Jesse Livermore
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