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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
- ZARJPY ticks lower this morning after finding a local high of 7.88 on Friday; first support to watch stands at 7.62, followed by 7.56 (100D SMA). On the topside, first resistance to watch above 7.88 stands at 7.94, followed by 8.
- In the past year, we have seen that the ZAR has been responding very well to the 'risk on' environment, with ZARJPY, which we view as a good proxy of EM carry trade, up over 40% since its April 2020 low.
- The LT chart shows that the pair has been consolidating lower this month amid rising uncertainty over the Delta variant after reaching a high of 8.18 in the beginning of June.
- Investors will closely watch the 7.56 level as momentum could reverse in case ZARJPY breaks lower.
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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