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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 -0.30% lower this morning with early selling pressure on the BBDXY giving some reprieve to EM FX.
- The cross pulled back from 15.20 to end +0.10% higher in yesterday's session, but has taken a leg below 15.00 this morning on more favourable risk conditions following comments on energy stability from Putin.
- Focus will be on electricity data today and broad strike action from Cosatu that coincides with the Numsa steel & engineering strike.
- One protester was killed yesterday in clashes with private security, but the situation remains mostly calm.
- Resumption of tax payments from the Alcohol industry and possible red list removal are two positive factors to consider, but the global focus will likely be squarely on US NFPs tomorrow for Fed drivers.
- USD/ZAR price action also formed a bearish inverted hammer candle on the daily chart – reflecting robust selling into the move higher as upside momentum fades somewhat.
- Attention will be on 14.7951 support for a break of the recent uptrend. Intraday Sup1: 14.7955, Sup2: 14.6978, Res1: 15.0546, Res2: 15.2080
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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