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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
SOUTH AFRICA
- USD/ZAR trades +0.38% higher this morning, broadly tracking early upside in the BBDXY as USD strength remains a dominant market theme.
- US equities sold off sharply on Friday, weighing on risk-proxy ZAR which also suffered under extensive flood damage in KZN and a grim load-shedding outlook ahead of winter.
- Local focus is on the 4th state capture report focused on Eskom, the Treasury & Free State asbestos scandal – which could further bury Ramaphosa’s political rival Magashule.
- ZAR fell 6% vs the greenback last week as a confluence of factors hit the currency. USD/ZAR has now flipped from oversold to overbought with the first notable support seen at 15.3948.
- SA’s terms of trade remain supportive, but notably around 24% below the March highs.
- PPI & Trade balance data will be eyed this week. Intraday Sup1: 15.5194, Sup2: 15.3948, Res1: 15.7331, Res2: 15.7657, Res3: 15.9379
SA Terms of Trade
MNI London Bureau | +44 020-3983-7894 | murray.nichol@marketnews.com
Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
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