SOUTH AFRICA: ANC Continues Budget Engagements, Will Meet DA Saturday
- African National Congress (ANC) Secretary General Fikile Mbalula said that his party will meet with the Democratic Alliance (DA) at 10:00BST/11:00SAST on Saturday and Freedom Front Plus (FF+) on Sunday as it is looking to finalise engagements over the 2025 National Budget next week. The two parties refused to back the spending plan despite being members of the governing coalition and have been reluctant to make any further concessions, but Mbalula was optimistic about earlier 'fruitful' talks with other parties. Meanwhile, tensions in the Government of National Unity (GNU) have started to spill over to the Government of Provincial Unity (GPU) in KwaZulu-Natal but Mbalula refused to clarify the outlook for the ANC's coalition with the DA and the Inkatha Freedom Party (IFP) there.
- Daily Maverick reported that at least nine MPs from three political parties (DA, PA and ACDP) participated in the controversial secretive 'fact-finding' trip to Israel. The newspaper noted that they 'will now testify to the media that “there was no evidence of apartheid and, to the contrary, Israel is a vibrant progressive multi-racial and multi-ethnic society, in which the rights of all citizens are protected and upheld by the rule of law."' This may ratchet up tensions within the GNU amid South African diplomacy's role in launching a genocide case against Israel in the International Court of Justice (ICJ).
- Patriotic Alliance (PA) leader Gayton McKenzie said that although he 'hates' the DA, the party should stay part of the GNU for the sake of the nation's political stability.
- The Parliamentary Budget Office (PBO) criticised the National Treasury's VAT-hike plan, accusing it of being oblivious to growing inequalities within the country.
- The National Treasury will sell 4.250% 2031 and 1.875% 2033 linkers today.
Want to read more?
Find more articles and bullets on these widgets:
Historical bullets
EUROSTOXX50 TECHS: (H5) Testing Support AT The 50-Day EMA
- RES 4: 5611.50 2.500 proj of the Nov 21 - Dec 9 - 20 ‘24 price swing
- RES 3: 5606.00 3.000 proj of the Dec 20 ‘24 - Jan 8 - 13 price swing
- RES 2: 5600.00 Round number resistance
- RES 1: 5426.04/5575.00 20-day EMA / High Mar 3 and the bull trigger
- PRICE: 5362.00 @ 06:17 GMT Mar 12
- SUP 1: 5284.00 Low Mar 11
- SUP 2: 5249.00 Low Feb 5
- SUP 3: 5202.00 50.0% retracement of the Dec 20 ‘24 - Mar 3 bull leg
- SUP 4: 5185.00 Low Feb 4
The medium-term trend in the Eurostoxx 50 futures contract remains bullish and the latest pullback appears corrective. However, support at the 50-day EMA, at 5309.17, has been pierced. A clear break of this average would highlight a strong short-term bear threat and suggest scope for a deeper retracement. This would open 5202.00, a Fibonacci retracement. For bulls, a resumption of gains would refocus attention on the 5600.00 handle.
SCHATZ TECHS: (M5) Unwinding An Oversold Condition
- RES 4: 107.120 High Mar 4 and key resistance
- RES 3: 106.905 High Mar 5
- RES 2: 106.847 61.8% retracement of the Mar 4 - 6 bear leg
- RES 1: 106.762 50.0% retracement of the Mar 4 - 6 bear leg
- PRICE: 106.625 @ 06:10 GMT Mar 12
- SUP 1: 106.530/405 Low Mar 10 / 6 and the bear trigger
- SUP 2: 106.350 2.000% retracement proj of the Feb 19 - Mar 4
- SUP 3: 106.259 2.236% retracement proj of the Feb 19 - Mar 4
- SUP 4: 106.203 2.382% retracement proj of the Feb 19 - Mar 4
A bearish condition in Schatz futures remains intact following the latest steep impulsive sell-off. The contract has traded through a key support at 106.735, Feb 19 low. Clearance of this level strengthens a bearish theme and signals scope for a deeper sell-off, towards 106.350 next, a Fibonacci retracement. The bear cycle is in oversold territory and the latest bounce is allowing this set-up to unwind. First resistance is 106.762, a Fibonacci retracement.
GBPUSD TECHS: Bulls Remain In The Driver’s Seat
- RES 4: 1.3119 76.4% retracement of the Sep 26 ‘24 - Jan 13 bear leg
- RES 3: 1.3048 High Nov 6 ‘24
- RES 2: 1.2990 High Nov 8 2024
- RES 1: 1.2966 High Mar 11
- PRICE: 1.2928 @ 06:23 GMT Mar 12
- SUP 1: 1.2768 Low Mar 5
- SUP 2: 1.2718 20-day EMA
- SUP 3: 1.2605 50-day EMA and a short-term pivot support
- SUP 4: 1.2559 Low Feb 28
The trend in GBPUSD is unchanged, it remains bullish. Moving average studies have recently crossed into a bull-mode position, highlighting a clear dominant uptrend. A Fibonacci retracement at 1.2924, 61.8% of the Sep 26 ‘24 - Jan 13 bear leg, has been pierced. A clear break of this level would open 1.2990, the Nov 8 2024 high. Initial firm support is 1.2618, the 50-day EMA. A pullback would be considered corrective.
