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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.
SOUTH AFRICA
- USD/ZAR trades flat around the open, tracking price action in the BBDXY.
- Yesterday's Chinese equity rout and sharp unwind in USD/CNH weighed on commodity currencies across the board, but notably on ZAR which made a second test of the 15.00 level vs the USD and the closely correlated Top40 Index (-1.19%).
- USD/ZAR continues to teeter above the 200dma, forming two consecutive gravestone dojis (bearish pattern), but failed to close below the MA.
- Focus today will be on the FOMC, with little in terms of new guidance expected as the Fed looks to kick the can down the road somewhat towards Jackson Hole.
- Market expectations for a neutral stance at this meeting could see a bias towards fading moves higher in the BBDXY.
- Failure to break the 15.00 handle decisively in the coming sessions could see the cross drift back towards 14.50 support.
- Intraday Sup1: 14.7583, Sup2: 14.6603, Res1: 14.8632, Res2: 14.9957
MNI London Bureau | +44 020-3983-7894 | murray.nichol@marketnews.com
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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