-
Policy
Policy
Exclusive interviews with leading policymakers that convey the true policy message that impacts markets.
LATEST FROM POLICY: -
EM Policy
EM Policy
Exclusive interviews with leading policymakers that convey the true policy message that impacts markets.
LATEST FROM EM POLICY: -
G10 Markets
G10 Markets
Real-time insight on key fixed income and fx markets.
Launch MNI PodcastsFixed IncomeFI Markets AnalysisCentral Bank PreviewsFI PiFixed Income Technical AnalysisUS$ Credit Supply PipelineGilt Week AheadGlobal IssuanceEurozoneUKUSDeep DiveGlobal Issuance CalendarsEZ/UK Bond Auction CalendarEZ/UK T-bill Auction CalendarUS Treasury Auction CalendarPolitical RiskMNI Political Risk AnalysisMNI Political Risk - US Daily BriefMNI Political Risk - The week AheadElection Previews -
Emerging Markets
Emerging Markets
Real-time insight of emerging markets in CEMEA, Asia and LatAm region
-
Commodities
Commodities
Real-time insight of oil & gas markets
-
Credit
Credit
Real time insight of credit markets
-
Data
-
Global Macro
Global Macro
Actionable insight on monetary policy, balance sheet and inflation with focus on global issuance. Analysis on key political risk impacting the global markets.
Global MacroDM Central Bank PreviewsDM Central Bank ReviewsEM Central Bank PreviewsEM Central Bank ReviewsBalance Sheet AnalysisData AnalysisEurozone DataUK DataUS DataAPAC DataInflation InsightEmployment InsightGlobal IssuanceEurozoneUKUSDeep DiveGlobal Issuance Calendars EZ/UK Bond Auction Calendar EZ/UK T-bill Auction Calendar US Treasury Auction Calendar Chart Packs -
About Us
To read the full story
Close
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.
Sign up now for free trial access to this content.
Please enter your details below.
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.
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 AccessTrending Top 5
Market News Topics
November 19, 2020 09:19 GMT
SARB In Focus; Ex-President Zuma In The Corruption Hot Seat
SOUTH AFRICA
- Local rates mostly flat this morning following yet another session of choppy trading with 2Y yields continuing to trickle higher in the lead-up to today's SARB while 10Y & 30Y yields tread water around 8.80 and 11.15 respectively.
- A hold at today's meeting may see a bull flattening in the curve on maintained carry/real yield differentials, whereas a surprise 25bp cut could see a repricing in the front-end lower towards 3.90-4.00.
- USD/ZAR seen tracking DXY strength higher towards 15.50 resistance following a double bottom at 92.20 during yesterday's session, driving spot back towards 92.50.
- Focus will be on today's SARB meeting (13:00GMT) where rates are expected to remain unchanged at 3.50%, despite a markedly stronger ZAR (~6-7%) and deflationary pressures pushing CPI towards the lower bound of the target - giving weight to arguments for a dovish surprise (25bp cut).
- In both scenarios USD/ZAR should push lower on maintained carry or growth positivity, provided USD remains stable to weaker. 1w vols remains subdued, but risk reversals continue to tick higher in the lead-up to today's meeting. (MNI SARB Preview will be reposted closer to the meeting time).
Local news
- After two delays, Zuma fails to secure recusal of Chief Zondo in state capture trial (News24) as SA's landmark pushback against corruption in the upper ranks of Govt gathers momentum.
- A conviction against Zuma or high-ranking official such as Ace Magashule would be a majorly positive development in Ramaphosa's Anti-corruption drive - removing significant hurdles to reform implementation, fiscal consolidation and misappropriation of funding
- Dept of Health notes progress on the implementation of its controversial NHI bill in yesterday's annual report to Parliament with over 45m people registered in the database - but an official NHI office can only be established once the bill passes into law.
- Experts warn the bill remains unaffordable (~R256bn-300bn/year) for a middle-income country undergoing expenditure cuts - BusinessTech
MNI London Bureau | +44 020-3983-7894 | murray.nichol@marketnews.com
MNI London Bureau | +44 020-3983-7894 | murray.nichol@marketnews.com
To read the full story
Close
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.
Sign up now for free trial access to this content.
Please enter your details below.
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.
We are facing technical issues, please contact our team.
ok
Your request was sent sucessfully! Our team will contact you soon.
ok