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Free AccessRand Turns Bid Amid Firmer Precious Metals
Selling pressure hit spot USD/ZAR as the EMEA morning progressed, with the pair dipping firmly through the neckline of a recent double bottom pattern, which may invalidate this bullish formation. The rate last deals at 18.6557, down 1,234 pips on the session, with the next layer of support coming in at 18.1117.
- The rand has edged ahead of its EMEA peers today but remains in the red on a monthly basis, bucking November's appreciation trend in the EM FX space (JP Morgan EMCI Index +2.35%).
- Positive headlines surrounding Eskom (two-notch credit rating upgrade, optimistic comments on the outlook) may have lent some support to the rand, alongside a leap higher in a gauge of precious metals strength.
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.