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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.
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Free AccessRand Resumes Losses As Precious Metals Lose Shine
Spot USD/ZAR snaps a two-day losing streak as financial markets stabilise after the SVB turmoil. The rate last changes hands at ZAR18.2872, up ~895 pips on the day, with bulls looking for a rally towards Mar 8 high of ZAR18.7192 and the ZAR19 figure. Bears keep an eye on Mar 3 low of ZAR18.0825.
- The composite BBG Commodity Index has shed ~0.6% so far, with the precious metals subindex down ~0.7% on the day, as the space corrects the spectacular rally seen at the start to the week.
- Local-currency bonds have come under mild pressure, with yields last sitting 5.4-6.3bp higher across the curve and South Africa's 10-year breakeven inflation rate edging higher to 6.29%.
- The FTSE/JSE Africa All Share remains heavy and trades ~1.2% worse off, sinking through its 100-DMA and approaching the 38.2% retracement of the Sep 28 - Jan 27 rally.
- In a speech published on the central bank's website, SARB Deputy Governor Cassim flagged upside risks to South Africa's inflation outlook and warned that longer-term inflation expectations are well above the mid-point of the target range.
- South Africa's mining production fell 1.9% Y/Y in January after a revised 3.6% contraction in December versus -2.8% expected. The next data release of note is manufacturing output at 11:00GMT/13:00SAST.
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.