Kwacha Update

Wednesday, 20 March 2013 : StanChart

BID OFFER

USD/ZMW 5.3550 5.4560
ZAR/ZMW 0.5797 0.5913
EUR/USD 1.2774 1.2976
GBP/USD 1.4983 1.5186
GBP/ZMW 8.0785 8.2309

LOCAL AND INTERNATIONAL NEWS
ZMW
 Yesterday ZMW exhibited a similar trend to Monday’s trading
against USD. The Inter-Bank closed at 5.390-5.410. Kwacha in
the short term seems to be bearish with some resistance at the
5.440 level.
International News

 Bloomberg- The euro weakened toward the lowest in almost
four months against the dollar after the Cypriot parliament
voted down a bank-deposit levy needed to secure a bailout,
risking renewed tumult in the currency bloc.
The euro fell 0.1 percent to $1.2873 as of 1:35 pm in Singapore
from $1.2882 in New York yesterday, when it touched $1.2844,
the weakest since Nov. 22.

 The Cypriot parliament strongly rejected the bill (36-0 with 19
abstentions) creating further uncertainty in the troubled Euro
zone. EU countries had warned of withholding the EUR 10b aid
if the vote did not go through.

 Brent could not hold on to its Monday gains and made a new
low. We see 106.25 as the next support.

Previous % 5.48 11.24 11.74 12.74 10.98 13.50 16.50 16.60
Current % 5.50 12.24 11.74 12.49 11.99 14.79 16.98 16.60