Free Trial
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 +0.20% higher this morning, treading water around the open amid mixed global risk conditions.
- ZAR gained +20.3% vs the greenback, +2.33% vs the EUR & 3.32% vs GBP as rising commodity prices continued to support the currency.
- Precious metal prices have come off sharply this morning alongside oil in line with more positive sentiment RE Ukraine-Russia talks, with negotiators getting closer to some sort of agreement in the coming days.
- SA’s terms of trade have fallen sharply from last week’s highs, but still remain elevated around the 2021 highs – keeping ZAR supported in the interim.
- This week’s focus will be on the Ukraine crisis, retail sales and the first Fed hike - expected at +25bp in line with its well-telegraphed forward guidance.
- Although load-shedding has stopped, the grid remains vulnerable to more capacity shortfalls, and the energy outlook for 2022 remains gloomy for SA.
- USD/ZAR has stalled around its 200dma & 15.00, with a close below 14.9133 opening up a move towards 14.75-14.50. Meanwhile, failure to break the 200dma will keep the cross in its range between the 100 & 200dmas in the 15.00-15.50 zone.
- Intraday Sup1: 15.9935, Sup2: 14.9133, Res1: 15.1431, Res2: 15.2155
Citi SA Terms of Trade Index
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.
We are facing technical issues, please contact our team.
ok
Your request was sent sucessfully! Our team will contact you soon.
ok