MNI JAPAN Q3 GDP REV +0.3% Q/Q; PRELIM +0.2%; MEDIAN +0.2%

CORRECTED-MNI: Fed's Hammack-Near Or At Time To Slow Rate Cuts

MNI BRIEF: Fed's Goolsbee Sees Rates Fair Bit Lower In A Year

MNI China Daily Summary: Friday, December 6

MNI: PBOC Net Drains CNY288.1 Bln via OMO Friday

MNI: PBOC Sets Yuan Parity Lower At 7.1848 Fri; -1.64% Y/Y

MNI: UNIV OF MICHIGAN CONSUMER SENTIMENT PRELIMINARY DEC INDEX 74.0

CANADA NOV IVEY PURCHASING MANAGERS INDEX 52.3 SA

EZ/UK Bond Supply Calendar: Austria, UK Auction on Tuesday

MNI EXCLUSIVE: EU-Mercosur Deal Close, But Likely Short-Lived - Officials

AUSTRALIA: 2025 Election Outcome Looking More Uncertain According To Newspoll

© 1982-2024 MNI. All rights reserved.
Terms | Privacy
Log Out
Free Trial

Rand Ekes Out Gains On Firmer Commodity Complex

ZAR

Spot USD/ZAR has traded with a bearish bias today, with a downleg in the BBDXY index to fresh cyclical lows facilitating the move. South African Rand is among the best EMEA performers despite continued domestic headwinds.

  • The pair last deals at ZAR16.8705, down 475 pips on the day. Yesterday's low has given way and the next stop on the downside is Jan 4 low of ZAR7815, followed by Aug 25 low of ZAR16.7102. Conversely, bulls look for a rebound towards Jan 6 high of ZAR17.4343.
  • South Africa's Finance Minister Godongwana said that the economy likely grew 1.6% Y/Y last year, which is a downgrade from the previous +1.9% forecast. He warned that the outlook "isn't impressive either" amid issues with electricity supply.
  • The aggregate BBG Commodity Index has added ~0.5% reaching one-week highs. The precious metals subindex is up ~0.7%, with gold trading on the front foot, likely lending some support to the Rand.
  • Local-currency bond yields are slightly lower across the curve, while 10-year inflation breakeven rate has slipped to 6.14%.
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.