Free Trial

Rand Appreciates With Political Musings Taking Centre Stage

ZAR

Spot USD/ZAR has inched lower as coalition talks continunue to steal the limelight. The pair last deals at 18.8094, around 940 pips lower on the day. The move represents an extension of a pullback from recent cyclical highs, with bears initially looking for a move through Jun 3 low of 18.4946. On the flip side, bulls see the round figure of 19.0000 and the 76.4% retracement of the Apr 19 - May 21 upleg at 19.0659 as their initial targets.

  • SAGBs curve has bull flattened in morning trade, while South Africa's 10-year breakeven inflation rate has fallen to 6.68%.
  • The composite BBG Commodity Index sits close to neutral levels, just like the precious metals subindex.
  • The Economic Freedom Fighters (EFF) ruled out joining a government including the centrist Democratic Alliance (DA) and Freedom Front Plus (FF), as the African National Congress (ANC) put forward the proposal to form a national unity government.

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.