SOUTH AFRICA: Ramaphosa Weighs Resigning Over Farm Scandal Report
- Ramaphosa is considering resigning over an advisory panel’s report that found he may have violated the constitution, according to people familiar with the matter, Bloomberg report.
- The President is in meetings with close allies to take advice on the matter, said the people who asked not to be identified as they’re not authorized to speak to the media.
- The President will address the nation on Thursday, News24 reported on its Twitter account.
Want to read more?
Find more articles and bullets on these widgets:
Historical bullets
OUTLOOK: Price Signal Summary - EURUSD Continues To Trade Above The Former Bear Channel Resistance
- In FX, the EURUSD condition remains bullish despite the recent 3-day pullback. Last week’s key technical development was the break of the bear channel top drawn from the Feb 10 high. The channel breakout highlights a stronger reversal and the focus is on 1.0198 next, Sep 12 high. The support to watch is 0.9830, the former bear channel resistance.
- GBPUSD short-term conditions remain bullish and the pair is trading closer to its recent highs. Last week’s breach of key resistance at 1.1495 has strengthened a bullish condition. This has also confirmed a positive price sequence of higher highs and higher lows on the daily chart, reinforcing a bull theme. The focus is on 1.1738, the Sep 13 high. Initial support is seen at 1.1443, the 50-day EMA.
- USDJPY remains above last Thursday’s low of 145.11. The recent print below 145.56, Oct 24 low, highlights a short-term bearish threat and signals scope for an extension of the current bear cycle. Momentum studies are trending down and this reinforces the bear theme. The focus is on the 50-day EMA at 144.22 - a key support. Initial firm resistance to watch is 149.71, the Oct 24 high. A break would expose the trend high of 151.95 on Oct 21.
EQUITIES: EU Bank stock option
EU Bank Vol:
- SX5E (16th Dec) 80^ traded 11.10 in 10k.
- SX5E (16/06/23) 80^ traded 17.20 and 17.25 in 16k.
DENMARK: Former PM Rasmussen Poised For Kingmaker Role As Danes Head To Polls
With Denmark's general election taking place today, former PM Lars Lokke Rasmussen's centrist Moderates look set to emerge as the 'kingmakers' in most coalition-building scenarios. Opinion polls show that neither the leftist Red Bloc of parties backing PM Mette Frederiksen's Social Democrats, nor the opposition right-wing Blue Bloc are on course to win an overall majority of seats. This could leave the Moderates - a new party not aligned to either long-standing alliance - with the ability to lend its weight to either side, or indeed seek to create a new gov't.
- The broad state of the electoral outcome will become clear throughout the night, but a lengthy period of coalition negotiations is almost certain to be required in the weeks and even months ahead.
- Should the Moderates emerge as kingmakers, Rasmussen could side with either bloc or - as has been mooted - seek to create a new centrist administration pulling in the least extreme parties from the Red and Blue blocs.
- There is speculation Rasmussen could seek the PM's position, despite leading a party likely to hold fewer seats than the Social Democrats or the liberal conservative Venstre.
Chart 1. Danish General Election Opinion Polling by Bloc, % and 6-Poll Moving Average
Source: Voxmeter, Megafon, YouGov, Gallup, Epinion, MNI
