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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
- USDZAR has been trending lower in the past week despite broad USD strength; the pair is currently trading slightly below the 14.50 level after breaking below 14.5410 yesterday (which corresponds to the 61.8% Fibo retracement of the 13.41 – 16.37 range).
- 'Risk on’ ZAR is the second-best performing currency among the EM world, up 10% against the USD, mainly supported by the elevated real yields, record current account surpluses and trending commodities.
- The surge in implied volatility this year has not impacted the rand, which has historically been sensitive to high-volatility regime.
- Next key support to watch on the downside stands at 14.30, which corresponds to the low of its LT downward trending range.
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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