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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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Free AccessRand Extends Gains As Ramaphosa Fights For His Political Fate, Precious Metals Firm
The Rand remains the best EMEA performer with participants mulling the latest developments in the Phala Phala scandal and looking ahead to the release of Q3 GDP figures. Spot USD/ZAR trade at ZAR17.3394, down ~840 pips on the day, with bears looking for losses past Nov 30 low of ZAR16.8980 and towards Aug 25 low of ZAR16.7102. On the flip side, bulls set their sights on Dec 1 high of ZAR17.9596.
- Parliament delayed a vote on the Section 89 report until next week as President Ramaphosa decided to challenge it in the Constitutional Court. Ruling ANC's acting Secretary General said that the President hasn't offered to quit and has not been asked by the party to do so.
- USD/ZAR implied volatilities have crept higher, with overnight tenor printing its best levels in more than three weeks. Longer-dated contracts also remain elevated, albeit are off last week's cyclical highs.
- The commodity complex has lost its initial appeal and the BBG Commodity Index is back to unchanged levels. However, the precious metals subindex is up ~0.4% on the day, with gold trading on a slightly firmer footing.
- Local-currency bond yields are a tad higher, curve has steepened at the margin. South Africa 10-year inflation breakeven rate sits at 6.32%.
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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.