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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
USD/ZAR
- USD/ZAR trading lower on reduced $ buying, holding above 07/08 Jan support at 15.4599 after breaking the underside of the 04-11 Jan bull channel.
- Easing in Covid case numbers and signs of peaking may support increased local optimism,
- however, the extension of level 3 should still weigh on 1Q21 growth prospects (-3.3% est).
- Manufacturing production in focus today, expected to decline MoM, but improve YoY. Move through 14.599 opens up 15.2903 lateral support & 50% fib drawn off 04 Jan low at 15.0891.
- Demand at the first auction for 2021 will be watched closely, with potential inflows bolstering ZAR strength.
- $ side factors to dominate, however, with concerns of a decent rally in the USD boosting EM uncertainty.
- Commodities making a comeback (gold +0.88%, Platinum 2.87%).
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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