SOUTH AFRICA: Race for Deputy President May Be More Competitive than Expected after Mpumalanga Conference
LOCAL NEWS
- Political analysts say the race for ANC deputy president could be more competitive than expected following last week’s Mpumalanga elective conference, while Ramaphosa seems likely to secure a second term.
- Says there will be no major large group of people that are likely to push for Mabuza to serve another term as deputy PM, however. – Daily Maverick https://www.dailymaverick.co.za/article/2022-04-06...
- Moody’s says it is uncertain that the R88bn allocated to Eskom to 2026 will move the needle on improving its performance in the context of the latest regulatory determination, high commodity price environment, and a risk of a further increase in bad debt from the municipalities.
- Says a debt solution remains a possibility and the outcome of ongoing work could be announced within this financial year. However, at this stage, it is unclear what, if any, form of debt relief will be implemented – BusinessTech
- Sunflower & canola oil prices have risen 55% & 40% respectively in the last 2-months and are expected to rise further. A 2L bottle is expected to rise as high as R100-120, with many of the full price changes yet to be reflected in SA and remain elevated for the next 6-months – Business Insider
Data:
- 1200BST: Feb Electricity production y/y, -1.1% prior
- 1200BST: Feb Electricity consumption y/y, -0.2% prior
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AUDUSD TECHS: Bearish Shooting Star Candle
- RES 4: 0.7599 High Jul 6, 2021
- RES 3: 0.7556 High Oct 28, 2021 and a key resistance
- RES 2: 0.7532 High Nov 2, 2021
- RES 1: 0.7441 High Mar 7
- PRICE: 0.7281 @ 06:29 GMT Mar 8
- SUP 1: 0.7236 20-day EMA
- SUP 2: 0.7208 50-day EMA
- SUP 3: 0.7141 Low Feb 25
- SUP 4: 0.7095 Low Feb 24
AUDUSD initially strengthened Monday, before slipping into the close. Yesterday’s price pattern is a bearish shooting star candle, highlighting a short-term top. Short-term weakness is likely a correction though and opens support at 0.7236/08, the 20- and 50-day EMA values. The trend outlook is bullish following recent gains and the break of resistance at 0.7314, Jan 13 high. This has reinforced bullish conditions, exposing 0.7471, the Nov 4 high.
EURJPY TECHS: Southbound
- RES 4: 129.58 50-day EMA
- RES 3: 128.77 High Mar 2
- RES 2: 127.39 Low Dec 3/6
- RES 1: 125.90 High Mar 7
- PRICE: 125.41 @ 06:21 GMT Mar 8
- SUP 1: 124.28 50.0% of the 2020 - 2021 bulls cycle
- SUP 2: 123.45 1.618 proj of the Jan - Sep - Oct ‘21 price swing
- SUP 3: 123.01 Low Nov 20 2020
- SUP 4: 128.85 Low Nov 19 2020
EURJPY remains bearish. The downtrend accelerated Friday and the cross traded to a fresh cycle low once again on Monday. Last week’s move lower confirmed a resumption of the downtrend and highlights an acceleration of the current bear cycle. The focus is on 124.28 next, 50.0% of the 2020 - 2021 bulls cycle. On the upside, resistance is seen at 127.39, the Dec 3/6 low and a recent key breakout level.
AUSSIE BONDS: XM Roll Volume Picks Up with Smaller Ticks In Play
XM roll volume picks up at the open of overnight trade, with smaller ticks now in play ahead of next Tuesday’s expiry. XMH2/M2 sees ~41K given at 5.7 thus far, with ~3K lifted at 5.8.
