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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 +0.05% higher this morning, retracing a portion of last night's post-FOMC rally in EMFX with the USD clawing back some ground.
- The cross fell -1.13% in yesterday's session, pulling back from 15.50 resistance which has proved sticky in recent sessions.
- Local elections are set to wrap up today with a substantial decline in support for the ANC to around 46% the notable development - creating scope for widespread coalitions in 52 municipalities.
- Coalition talks between the DA, ANC, EFF and ActionSA will be interesting to gauge, with ANC-DA partnerships being more market friendly and ANC-EFF more left-leaning and radical.
- As expected, the Fed initiated its taper with Powell sounding more vocally concerned about inflation - but soothed market expectations with pledges for patience.
- The large Bearish engulfing candle in USD/ZAR intimates a shift in weak ZAR sentiment, and with the elections partially in the rear-view mirror - the more constructive fiscal picture expected at the MTBPS can come into focus.
- Intraday Sup1: 15.2120, 15.1089, Res1: 15.3532, Res2: 15.4730
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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