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19 Jun 2013
Flash: EM’s in USD/ZAR higher – TD Securities
FXstreet.com (London) - Cristian Maggio at TD Securities said that a bout of unexpectedly positive data in South Africa pushed USD/ZAR sharply below 10.0 moments after the release of the May CPI and Q1 current account.
The first release he said was the C/A deficit at 5.8% of GDP (seasonally adjusted), a substantial improvement compared to the 6.5% gap recorded in Q4 2012 and an even more dramatic move vs. the 6.9% consensus expectations (TD: 6.8%). As the widening external gap in S. Africa has been definitely feeding into market concerns in the recent months, the C/A data was enough to inflate optimism today he explained.
The first release he said was the C/A deficit at 5.8% of GDP (seasonally adjusted), a substantial improvement compared to the 6.5% gap recorded in Q4 2012 and an even more dramatic move vs. the 6.9% consensus expectations (TD: 6.8%). As the widening external gap in S. Africa has been definitely feeding into market concerns in the recent months, the C/A data was enough to inflate optimism today he explained.