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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.
EM FX
- ZARRUB has been retracing higher in the past week despite strong RUB amid firm trend in oil prices.
- In addition to the elevated real yields and the rising current account surpluses, the risk-on environment has been supporting the ZAR, which some investors view as a proxy for EM 'carry trade'.
- The pair is approaching its 50DMA at 4.9403; a break above that level would open the door for a move up to 5.
- Key resistance to watch on the topside stands at 5.0340, which represents its 100DMA and the high of the LT downward trending channel.
- On the downside, first support to watch stands at 4.76, followed by 4.68 (50% retracement of the 3.90 – 5.46 range).
Source: Bloomberg/MNI
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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