USD/ZAR gains more than 1% even after Zuma survives confidence vote
|The USD/ZAR pair gathered momentum and jumped to a fresh session high at 13.4086 after President Zuma survived the no confidence vote in the South African Parliament. As of writing, the pair was trading at 13.3970, up 1.35% on the day.
Although this development seems to be a positive development for Zuma, the fact that 51 members of his party voted against him suggests that the political instability is likely to continue in the country. The vote ended with 177 'yes' and 198 'no' votes. Zuma's party has a total of 249 seats in the Parliament.
Technical outlook
13.4900 (Aug. 4 high) could be seen as the initial target on the upside ahead of 13.5720 (Jul. 12 high) and 13.6350 (Jul. 11 high). On the downside, supports could be seen at 13.1700 (Aug. 7 low), 13.1120 (daily low) and 13.0000 (psychological level).
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.