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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.
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Free AccessUSD/ZAR Back Below 14.50, ANC Political Rumblings Grow Louder
- USD/ZAR stages a firm reversal off the topside of the bear channel flagged in yesterday's session to make a new swing low post-US CPI.
- Softness in the greenback bolstering risk sentiment across EM with APAC starting on the front foot. Commodities clawing back some gains: gold +0.11%, platinum +1.49%.
- ZAR leading CEMEA FX, but positive sentiment in Russia RE military tensions and firm oil prices may see RUB overtake.
- Political rumblings getting louder as ANC SG Magashule becomes more desperate towards the end of his 30-day grace period with reports of a revolt against the step-aside rule emerging at the committee level.
- The magnitude of this revolt remains to be seen, with Magahsule's prior attempts to sway the ANC (Public protector vote) having failed.
- Retail sales data expected to show an improvement y/y & m/m today, providing ZAR with some support.
- As noted yesterday, sell-side remains focused on 14.3966 support, continued risk on and $ weakness likely to bolster ZAR.
- Intraday Sup1: 14.3966, Sup2: 14.2714, Res1: 14.5229, Res2: 14.5775
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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.