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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
- Zuma was convicted of contempt of court after defying an order to testify before a judicial panel investigating corruption during his nine-year rule (BBG).
- The decision by the Constitutional Court to have Mr. Zuma arrested came five months after that same body ordered him to appear before the corruption inquiry, led by Deputy Chief Justice Raymond Zondo (NYT).
- The government estimates more than 500 billion rand ($35 billion) was stolen from the state during Zuma's rule (BBG).
- Zuma has been ordered to go to the police station within 5 days.
- The selling pressure on the ZAR remains elevated with USDZAR trading at the high of its 1W range; resistance to watch on the topside stands at 14.39 (100DMA), a break above that level would open the door for a move up to 14.69 (April 13 high).
- It is important to add that the pressure on the rand has also come from the surge in uncertainty over the Delta variant and the contraction in Chinese liquidity (that generally tends to weigh on risky assets and risk on currencies such as the ZAR).
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.
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