MNI BRIEF: Fed's Goolsbee Taking Job Gains With Grain Of Salt

BRIEF: EU Says Engaging With China Over EV Trade Dispute

MNI BRIEF: Draghi Calls For Tariffs, Subsidies Against China

MNI BRIEF: China May M2 Slows To Record Low Again

MNI: PBOC Conducts CNY2 Bln Via OMO Fri; Liquidity Unchanged

CHINA PBOC INJECTS CNY2 BILLION VIA 7-DAY REVERSE REPOS FRI

US Treasury Auction Calendar

MNI: BAKER HUGHES US RIG COUNT 590; OIL RIGS 488; GAS RIGS 98

EZ/UK Bond Supply Calendar: Slovakia, Belgium, BoE APF Monday

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

MNI BRIEF: Poilievre Calls QE 'Scam' And Would Limit BOC Remit

MNI: Growth Drag From Net Zero Carbon Goal Can Be Offset-OECD

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

Rand Finds Poise Despite Intensified Load-Shedding

ZAR

USD/ZAR unwinds its post-NFP gains, with the greenback under pressure again. The rate last changes hands at ZAR18.3372, down ~700 pips on the day. From a technical standpoint, losses past the ZAR18.00 figure would expose key support from Mar 31 low of ZAR17.6993. Conversely, bulls look for a rebound towards Mar 21 high of ZAR18.6132 and Mar 8 high of ZAR18.7192.

  • The BBG Commodity Index has crept higher and last sits ~0.7% higher on the session, but the precious metals subindex is only marginally above neutral levels. Spot gold trades ~$5.2/oz. higher on the day.
  • Local-currency bonds have sold off this morning, with yields last seen 4.5-6.1bp higher across the curve. South Africa's 10-year breakeven inflation rate has climbed to 6.58%.
  • Eskom said it will be implementing Stage 6 load-shedding until further notice and expects power rationing to remain at that level through the week.
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.