The pair will break down from a major support line, sending the pair lower towards a key support line. South Africa’s recent reports were mixed with a lower trade surplus and a high Manufacturing PMI report. The trade balance report on Friday, October 30, showed the country’s surplus for September adding $33.51 billion, lower than the prior month’s $38.70 billion. However, the manufacturing sector has been expanding with 60.9 points against the previous record of 58.5 points. On the other hand, figures from the US’ latest reports were better-than-expected. Investors are also looking forward to the result of the US election today, November 03. Analysts expected that a win for Joe Biden will be beneficial for South Africa as the country considers China as one of its largest trading partners. Biden is expected to be more accommodating to China while it will be more skeptical of Russia’s growing influence. The opposite is true for Trump.
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.