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Free AccessUSD/ZAR Falls Below 16.00 as the USD Backs Off Its Highs
- USD/ZAR trades -0.95% lower this morning, tracking USD weakness and CNH strength as global risk sentiment picks up.
- US equity indices closed significantly higher yesterday on the back of upbeat earnings, easing risk-off pressures that have been impacting EM currencies across the board this week.
- PPI data also printed notably higher than expected yesterday, bumping 1x4 FRA-Jiba3m spreads +2-3bp higher ahead of the May meeting to +44bp and 3x6s to +90.5bp.
- Trade balance data is expected to show a strong improvement in March, however, with analysts anticipating a rise from R10.6bn to R22bn.
- The start of union talks with govt over public sector wages represents a key fiscal battle for SA as it seeks to keep with its fiscal consolidation promised at the Feb budget.
- Additionally, the release of the fourth Zondo report is expected to be handed to Ramaphosa today, which could provide the President with more ammunition to bury political rivals ahead of the December elective conference.
- Intraday Sup1: 15.7965, Sup2: 15.7362, Res1: 15.9593, Res2: 16.0338
To read the full story
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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.