Free Trial
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 -0.22% lower this morning, tracking early selling pressure in the USD post-FOMC minutes.
- The cross continued to slide in yesterday's session, falling -1.09% to hold below key support at 14.80 to create a bearish engulfing candle on the daily chart just above the 50dma.
- As expected, the fed alluded to a November taper of $120bn, but fell short of providing a rates lift-off forecast which swaps markets have fully priced in around September 2022.
- Rumours of renewed ANC ructions ahead of local elections does not bode well for the party, which many analysts believe will suffer a decline in support but still manage to win the overall vote.
- The resurgence of suspended ANC SG Magashule is an interesting dynamic as he has been quiet for some time, and will be monitored closely in the coming weeks.
- On the international front, US PPI will be monitored for further signs of inflationary pressures being passed through producer channels amid sharply rising energy prices.
- Momentum has made a notable shift lower in USD/ZAR after breaking 14.80, but will need to clear and close below the 50dma as the next major hurdle.
- Intraday Sup1: 14.6978, Sup2: 14.6072, Res1: 14.8166, Res2: 14.9065
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.
We are facing technical issues, please contact our team.
ok
Your request was sent sucessfully! Our team will contact you soon.
ok