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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
- GBP/ZAR has held a choppy 6% range in November, underpinned by the prevailing bull channel pattern and dynamic support from the 50, 100 & 200dmas which remain above the 20.00 handle.
- ZAR has been under pressure as a late hiker, with a strong USD backdrop driving risk aversion across the EM space – hitting high-beta currencies the hardest. ZAR has also suffered form diminished terms of trade, reducing its attractiveness despite having the highest real yields in the EM space.
- Price action is currently holding above the 21.00 handle and remains within its broad uptrend, but may revert closer to the midpoint of the channel (20.75-20.50), should traders continue taking profit around the channel top and risk sentiment recovers somewhat.
- Next key levels to the topside are 21.5148, 21.6690 & 21.95
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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