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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.
ZAR
USDZAR has pierced both the 50-day EMA at 18.9332 and trendline support drawn at 18.8777, with the pair last dealing in the 18.88 region and down 0.70% on the day. The local currency is by far the strongest performer in EMEA so far today, following on from yesterday’s strong performance, as risk currencies continue to be supported by the rollover of UST yields from this morning’s highs.
- SARB Governor Kganyago said earlier today “The job on the inflation front is not yet done,” adding “We remain vigilant and we stand ready to deploy our tools as necessary.” The comments follow the recent pullback in 6x9 South African FRAs from the Oct 03 high – which was the highest level since July – adding to the ongoing debate on the SARB rate outlook with further tightening only partially priced.
- Additionally, a stronger commodity backdrop is providing a tailwind to the rand – the Bloomberg commodity index is up 0.2% while gold price action continues to undermine the recent bearish theme.
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.
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