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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.
ZAR
USD/ZAR extends losses, with the rand cementing its status as the best EMEA performer this week. A sharp pullback in the BBDXY index facilitates the move after US S&P Global PMIs missed expectations. In South Africa, benign July CPI readings have supported sentiment, raising the perceived odds of a pause at the next SARB meeting, which could mark the end of the rate-hike cycle. This conviction has been reflected in a gradual move lower in South African FRAs today, across the curve.
- When this is being typed, USD/ZAR trades at 18.5280, some 2,700 pips below neutral levels. The pair has pierced its 50-EMA (18.5956) and the next bearish target is provided by Aug 4 low of 18.3828. Conversely, a rebound above Aug 15 high of 19.2978 would signal a resumption of the uptrend.
Fig. 1: ZAR FRA 6x9 vs. 9x12 vs. 12x15
Source: MNI - Market News/Bloomberg
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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