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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 -0.10% lower this morning, mirroring early price action in the BBDXY.
- The cross fell -0.96% yesterday, breaking below trendline support that had been building since 21 Jan to take a leg closer to the 15.00 handle.
- Focus will be on Ramaphosa’s SONA today for signs of reform inertia today and discussion on grants, SOEs and corruption with markets hoping for less lofty dreams and more tangible signs of implementation in structural reforms.
- This speech will for the basis for the Feb budget as most analysts agree that Rampahosa is likely to favour an extension of the SRD grant over an unaffordable permanent basic income grant.
- US CPI will be the major international focus with markets expecting a slight moderation in m/m numbers to 0.4% vs 0.5% prior.
- Improved risk sentiment and USD weakness continues to support downside in USD/ZAR with an eye on H&S support around the 15.00 handle.
- Intraday Sup1: 15.0674, Sup2: 14.975, Res1: 15.2963, Res2: 15.3532
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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