CANADA MAY RETAILS -0.8% VS FORECAST -0.6%, PRIOR +0.6%

MNI: Canada June Retails Fall And May Biggest Drop In A Year

MNI China Daily Summary: Friday, July 19

MNI BRIEF: China To Boost Consumer Spending, New Industries

MNI BRIEF: China Enhances Fiscal Response To Boost Economy

MNI BRIEF: China To Promote Migrates' Rights, Reform Hukou System

MNI: BAKER HUGHES US RIG COUNT 586; OIL RIGS 477; GAS RIGS 103

EZ/UK T-Bill Calendar: Germany, France Auction on Monday

EZ/UK T-Bill Calendar: Germany, France Auction on Monday

RPT-MNI: Canada Sticks To Fiscal Anchors, Spends Chunk Of Windfall

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

Rand Extends Weakness, USD/ZAR Breaks Resistance Levels

ZAR

The South African rand sold off sharply in the European morning, outpacing an uptick in the BBDXY index. This has allowed USD/ZAR to pierce its 50-DMA (18.8404) and former trendline support (18.8840).

  • When this is being typed, spot USD/ZAR trades at 18.9245, up ~1,600 pips on the day, after topping out at 18.9474. The clearance of aforementioned resistance levels opens up scope for recovery past the 19.00 figure and towards Jun 1 all-time high of 19.9204. Bears look for a pullback under Jun 16 low of 18.1250.
  • The composite BBG Commodity Index has added ~0.4% so far, but the precious metals subindex has shed ~0.6%, testing its 200-DMA.
  • SAGBs are generally softer across the curve, with 10-year breakeven inflation rate rising to 6.63%.
  • Domestically, the focus falls on South Africa's May trade balance, due this afternoon.
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.