DALY SEES 'NO URGENCY TO ADJUST THE POLICY RATE'

MNI BRIEF: Fed’s Collins Sees Rate Cuts Later Than Had Thought

MNI BRIEF: China March M2 Slows More Than Expected

MNI BRIEF: China Tightens Stock Market Supervision

MNI BRIEF: China Mar Exports Jump On Demand; Imports Improve

MNI: PBOC Sets Yuan Parity Lower At 7.0967 Fri; -4.87% Y/Y

MNI: BAKER HUGHES US RIG COUNT 617; OIL RIGS 506; GAS RIGS 109

March Home Sales Jumped At End Of Month

MNI BRIEF: Poilievre Calls QE 'Scam' And Would Limit BOC Remit

MNI: Growth Drag From Net Zero Carbon Goal Can Be Offset-OECD

MNI BRIEF: Lawmakers Signal Tough Hearing For BOC's Macklem

© 1982-2023 MNI. All rights reserved.
Terms | Privacy
Log Out
Free Trial

Firmer Gold Prices Offer Some Support To Rand Amid Risk-Off Conditions

ZAR

Spot USD/ZAR has backed off after a failed attempt at a sustained breach of the previous intraday high (ZAR17.1854). The pullback coincided with a fresh leg lower in the BBDXY index. Still, the pair last operates at ZAR17.1040, up ~220 pips on the day.

  • Technically, a break above trendline support-turned-resistance at ZAR17.3172 would give bulls a green light for targeting Nov 17 high of ZAR17.5553. Conversely, bears look for losses past Nov 24 low of ZAR16.9073.
  • Overnight risk aversion has created unfavourable backdrop for commodity-tied currencies, with the aggregate BBG Commodity Index down 1.17% on the session. Shielding the rand might be positive performance from the precious metals subindex, which has added 0.52% as gold trades 0.42% better off.
  • FTSE/JSE Africa Top40 Index is marginally softer on the day, struggling to pierce resistance area formed by recent intraday highs around the 67,077 level.
  • South Africa's 10-year breakeven inflation rate is unchanged at 6.21% this morning.
BulletEM BulletEmerging Market NewsHomepage
BulletEM BulletEmerging Market NewsHomepage

To read the full story

Close

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.