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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.
SOUTH AFRICA
- We have seen that the renewed geopolitical tensions combined with the CNY depreciation have been weighing on EM FX since the start of the second quarter.
- ‘Risk on’ ZAR, which was the second best performing FX in Q1 (+9.1% against the USD), is now the weakest performing currency among the EM world, down 9% against the greenback.
- USDZAR broke back above the psychological level 16 last week to find resistance at 16.27 on Monday.
- Next resistance to watch on the topside stands at 16.3820, which corresponds to the 50% retracement of the 13.4120 – 19.3510 range (2020/2021 low high).
- The 16.3820 was rejected in the end of November 2021.
Source: Bloomberg
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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