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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.
EMERGING MARKETS
- Commodity currencies ZAR & RUB are underperforming vs the JPY today on the back of concerns about the veracity of the Chinese recovery following weaker economic activity data this morning
- On the JPY side, broad-based risk off has bolstered demand for safe haven currencies (USD, CHF & JPY), while high-beta risk proxies have fallen by the wayside
- Brent trades -2.55% for the day, while gold is down -0.26% alongside platinum -1.07% - adding depreciation pressure on RUB & ZAR respectively
- RUB/JPY (-0.46%) has now rejected the 50dma and lateral support at 1.50 and will eye the 100dma at 1.40 below. RSI is showing negative momentum at 45.29, having slipped below 50 towards the end of last week.
- ZAR/JPY retains its downside momentum after rejecting a pullback towards the 100dma. Price action is now set to approach the 200dma at 7.3472 – in line with July 26/27 lows. 50 & 100dma have made a bearish crossover on the daily chart. Move through the 200dma opens up 7.1988 (38.2% fib of March-20 – June-21 range), followed by 7.00 psychological support.
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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