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EMERGING MARKETS: Dire data keeps ZAR downtrend alive
-USD/ZAR's uptick extended further early Tuesday, with a much
poorer-than-expected ABSA Manufacturing PMI release largely responsible. The
figure, at 41.6, was the lowest reading since 2009, signalling further pressure
on the ANC as they discuss economic reforms and proposed reforms to boost growth
and lower unemployment. First resistance for USD/ZAR sits at 15.2905 ahead of
the YTD highs at 15.4995.
-INR is one of the poorest performers in Asia-Pac, with weaker domestic equities
also signalling a minor retracement after a decent few weeks. The pullback is
minor at present as markets continue to eye the recent fiscal policy action from
the Indian government, with traders eyeing resistance at today's highs of
71.1387, which also coincides with the 38.2% retracement of the September
decline and the Sep 25 high.
-Chilean economic activity data, Brazilian industrial production and further
manufacturing PMI data takes focus Tuesday.
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