Forex - South Africa Flows: Rand continues to weaken on Eskom power cuts


 10:21 (GMT) 12 Feb

  [Forex Flows]

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South Africa Flows: Rand continues to weaken on Eskom power cuts (0101-JCDZ-C01)

The rand continued to weaken at the beginning of Tuesday's session, with the USD/ZAR temporarily rising to 13.8452 after it broke the key 13.80 resistance level. The currency suffered from the third consecutive day of rotational power cuts by Eskom, with the utility saying that it was aiming to "end load-shedding by the end of the week". We think that the rand will depreciate further in the next few days because of power cuts as well as a nationwide strike by Cosatu on Wednesday, with the USD/ZAR probably breaching the 13.8524 resistance level.


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