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Free AccessRisk-Off Continues to Roil The Rand, Despite Positive Political Developments
- USD/ZAR trades -0.42% lower this morning, pulling back from yesterday’s high at 15.8748.
- The cross drifted higher yesterday amid broad-based risk-off with US equities falling sharply – led by the tech-heavy Nasdaq.
- SA’s terms of trade also narrowed as precious metals prices fell on the back of a firmer greenback – adding to the pressure on ZAR.
- The NEC resolution against members affected by the step aside rule is a notably positive political development ahead of the December elective conference with Ramapohosa being the primary beneficiary.
- Additionally, signs of great private sector involvement in SOEs in the draft economic proposal is another major positive that could reduce the state’s fiscal burden and alleviate risks to growth over the medium to longer term with key reforms.
- USD/ZAR remains at the mercy of global risk sentiment today in thin holiday markets. Resistance comes in around the 15.80-16.10 zone.
- Intraday Sup1: 15.7304, Sup2: 15.6805, Res1: 15.8323, Res2: 15.8835
SA Terms of Trade
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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.