Free Trial

Real-time Actionable Insight

Get the latest on Central Bank Policy and FX & FI Markets to help inform both your strategic and tactical decision-making.

Free Access

Rand Recoups Initial Losses, South Africa's M'fing Output Beats Forecasts

ZAR

Spot USD/ZAR has reversed its earlier losses and last deals at ZAR18.1796, now slightly below neutral levels. A pullback in the BBDXY index coupled with better than forecast local industrial production data have applied pressure to the pair, with bears looking to force their way through Mar 3 low of ZAR18.0825.

  • South Africa's manufacturing output shrank 3.7% Y/Y in January after a revised 4.5% decline in December. The annual contraction was smaller than the expected 5.2% amid a surprise 1.1% M/M expansion. The sector remains under pressure as South Africa's energy crisis continues.
  • This concludes local data releases for today, with January retail sales figures coming up tomorrow.
  • The aggregate BBG Commodity Index has ticked oved away from lows, albeit the precious metals index continues to operate near the session's worst levels.
129 words

To read the full story

Why Subscribe to

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.

Spot USD/ZAR has reversed its earlier losses and last deals at ZAR18.1796, now slightly below neutral levels. A pullback in the BBDXY index coupled with better than forecast local industrial production data have applied pressure to the pair, with bears looking to force their way through Mar 3 low of ZAR18.0825.

  • South Africa's manufacturing output shrank 3.7% Y/Y in January after a revised 4.5% decline in December. The annual contraction was smaller than the expected 5.2% amid a surprise 1.1% M/M expansion. The sector remains under pressure as South Africa's energy crisis continues.
  • This concludes local data releases for today, with January retail sales figures coming up tomorrow.
  • The aggregate BBG Commodity Index has ticked oved away from lows, albeit the precious metals index continues to operate near the session's worst levels.