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
- German Chancellor Olaf Scholz in South Africa for talks with President Cyril Ramaphosa and will visit Sasol (BBG).
- Yesterday, Johannesburg mayor said that the capital needs 1.6bn USD to stabilize power support by 2030.
- The CNY consolidation in the past 10 days has led to a rebound in the rand, with USDZAR retracing by 3.5% to find support at the 15.67 level yesterday, which corresponds to the 23.6% Fibo retracement of the 13.4120 – 16.3670 range.
- We previously saw that ZAR has been sensitive to CNY fluctuation in recent weeks, with the 3M correlation (USDZAR vs. USDCNY daily returns) breaking above 0.5 to a 4-year high (see chart).
- Amplats and biggest unions agree to a new 5Y wage deal according to AMCU, which could be signed as early as this week (and effective from July).
- Amplats agreed to a pay rise of 1,100 ZAR a month in the first year, which will rise to 1,500 ZAR in the fifth year (BBG).
Source: Bloomberg/MNI
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