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Free AccessRand Falls Behind EMEA Peers
Spot USD/ZAR posted another upleg as European traders got in, rallying to its best levels since October 26. Robust US NFP data released on Friday might be supportive of continued demand for USD/ZAR, with weaker commodities adding pressure to the rand, which underperforms all its EMEA peers at typing. In addition, weaker-than-expected Chinese inflation data released over the weekend might be sapping strength from EM FX space.
- The pair last deals at 19.1240, up ~1,680 pips on the session, with bulls eyeing nearby resistance from Oct 26 high of 19.2710. Conversely, bears look for a pullback towards Nov 29 low of 18.4597 and Nov 15 low of 18.1117.
- The aggregate BBG Commodity Index has shed 0.5% this morning, hitting new cyclical lows. The precious metals subindex has extended the previous trading day's decline by a further 0.2% today.
- SAGB yields sit slightly higher across the curve, with South Africa's 10-year breakeven inflation rate last seen at 6.60%.
- Local data releases pick up from tomorrow, with m'fing & mining output (Tuesday), CPI & retail sales (Wednesday) as well as NFP & PPI (Thursday) all due this week.
To read the full story
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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.