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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 trades +0.02% higher this morning, with ZAR continuing to outperform the region on the back of surging commodity prices add to its favourable terms of trade.
- Palladium & rhodium are the notable risers, now up +74 & 51% YTD as the Ukraine crisis creates notable shortages.
- Upside in commodities should continue to support ZAR, while also adding tightening pressures to the SARB with oil trading just shy of $130/bbl.
- Confirmation that the US will not punish SA for its abstention at the UNGA at this point in time is a positive, but concerns remain over SA’s position of the matter.
- GDP and current account data are in focus this week with the latter expected to narrow to 2.6% vs 3.6% prior. GS estimate SA’s FY22 surplus will narrow to 2% of GDP and remain in surplus until late 2023.
- Volatile global risk sentiment will continue to dominate USD/ZAR price action with the cross still pegged within the 15.00-15.60 range.
- So far, the 100dma at 15.4674 has proven resilient with sellers keeping price action below the average.
- However, a consolidated break higher would open up 15.75-16.00 to the topside, while the 200dma below at 14.98 is the key downside support to consider this week.
- Intraday Sup1: 15.2633, Sup2: 15.2155, Res1: 15.4435, Res2: 15.4902, Res3: 15.5630
Commodity prices
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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