MNI BRIEF: BOC Governor Tiff Macklem Opening Statement

MNI BRIEF: Text of Bank of Canada Interest-Rate Decision

BOC CUTS RATE 50BPS TO 3.25%, SEES GRADUAL APPROACH FROM HERE

MNI China Daily Summary: Wednesday, December 11

MNI BRIEF: Chinese Rail Passenger Numbers Break Record

MNI: PBOC Net Injects CNY37.3 Bln via OMO Wednesday

MNI: US NOV CPI 0.3%, CORE 0.3%; CPI Y/Y 2.7%, CORE Y/Y 3.3%

MNI: US NOV SUPERCORE CPI (CORE SERVICES EX-HOUSING) 0.342%

MNI: US NOV CPI UNROUNDED M/M 0.313%, CORE 0.308%

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 Extends Gains, Taking Its Cue From Precious Metals

ZAR

Spot USD/ZAR continues to trade with a bearish bias, outpacing losses in the BBDXY index, as the pair is refreshing intraday lows. Gains for precious metals are seemingly spilling over into the South African Rand, with the relevant BBG index creeping higher as we type.

  • The rate last deals at ZAR18.0222, down ~2,580 pips on the session, threatening to breach the nearby round figure of ZAR18.0000. A close below Mar 14 low/head-and-shoulders neckline at ZAR18.0420/18.0054 would mark the completion of a bearish pattern, opening up scope for further losses.
  • The composite BBG Commodity Index has added ~0.5% so far, while the precious metals subindex is up ~2.0%, as spot gold sits $14.7/oz. higher on the day.
  • Local-currency bonds have given away the bulk of their earlier gains, with yields last sitting 2.1-2.9bp lower on the day.
  • The FTSE/JSE Africa All Share Index is ~0.5% better off and is testing its 100-DMA as the wider equity space has found poise.
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.