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The South African currency has weakened on Tuesday. As a result, the USD/ZAR pair has tested its March’s highs near the 14.63 level.
· One of the main reason has political roots. Cyril Ramaphosa, the recently chosen president of South Africa, vowed to boost employment and eliminate corruption. However, investors worry about his ability to do that. Their worries increased after the widely expected announcement of the new Cabinet was postponed on Monday.
· The head of Eskom, the South African electricity public utility, Phakamani Hadebe, resigned from his post. Now, the leading state enterprise is expected to report a 20 billion rands loss for the previous financial year.
· Finally, S&P Global Ratings kept South Africa’s credit rating below investment grade on Friday.
· Also, take a note that the escalation the US-China trade war hurts the ZAR as well.
Now investors pay attention to the news concerning the announcement of the new Cabinet of ministers. The decision should be made later this week.
Bulls keep testing the resistance at the weekly pivot at 14.6287. The next resistance will lie at May 28 high at 14.7220. The pair needs to fall below the 14.5215 and 14.4282 levels to resume the bearish pressure. The first support for it lies at 14.3210. If this level is broken, the next key support will be placed at 14.2761 (50-day SMA).
Last week several important economic updates influenced the Forex market. US preliminary GDP fell less than expected (0.6% actual vs. 0.7% forecast). Below you will find the key events to trade on during the week from August 29 to September 2.
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Main news that will drive the market in the upcoming week include CB Consumer Confidence Index, Canadian GDP, and US Core PCE Price Index
The Federal Reserve (Fed) will announce its Interest Rate Decision and make a statement about the future monetary policy on Wednesday, September 21, GMT+3. After the higher-than-expected inflation numbers published on September 13, there’s almost no doubt the Federal Reserve will come up with another 75-basis-point rate hike. However, surprised by the CPI numbers, several Fed members announced the possibility of a 100-basis-point rate hike on Wednesday.
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