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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 trades -0.36% lower this morning, tracking early selling pressure on the BBDXY.
- The cross fell -1.16% yesterday with ZAR outperforming the broader EM space on the back of China’s RRR cut and more signs of less severe symptoms from Omicron cases on the ground.
- Covid cases also made a marked decline today to 6.3k from 11k on Sunday, but this trend will still need to be monitored going forward.
- Parliament is set to vote on the controversial land expropriation without compensation bill today, with broad expectations that it will not achieve a 2/3 majority in parliament.
- Nevertheless, a victory for the bill would be a broadly negative development for SA.
- On the data front, 3Q GDP is in focus today – expected to reflect the impact of July’s riot activity and result in a contraction with high frequency indicators falling notably post-July before recovering slightly.
- Yesterday’s price action saw bull channel support give way after multiple attempts, bringing the 15.60-15.40 zone into play to the downside if we can see a move through the prior lows at 15.7381.
- US trade balance data will also be monitored around midday. Intraday Sup1: 15.7657, Sup2: 15.7094, Res1: 15.88, Res2: 15.9742
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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