South Africa released a budget plan. The plan sees debt-to-GDP ratio rising reaching 78% in 2027-2028 and economic growth accelerating beyond 2021. The country also plans to achieve cost savings of 160 billion ZAR by cutting state wages over the next 3 years. USDZAR reversed 0.8% daily gain to trade almost 1% lower at one point.
USDZAR plummeted on South Africa’s budget plan announcement (yellow circle). The pair broke below short-term upward trendline but managed to climb back above it. Source: xStation5
