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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 -0.27% lower this morning, tracking early selling pressure on the BBDXY.
- The cross traded choppily throughout yesterday's session, flirting with the 15.50 handle throughout the day.
- Today's focus will be on the SARB where expectations for a hold or hike remain split and may precipitate some post-decision volatility.
- Markets will also be looking towards Kganyago's medium-term inflation projections for hawkish risks and his tone on forward guidance into 1Q22.
- Our base case remains a hold at 3.50%, but acknowledge risks of a potential hike. A move above 15.60 opens up a more comprehensive move towards 16.00.
- Interestingly, the RSI is showing tentative signs of bearish divergence, but have yet to confirm. Intraday Sup1: 15.3914, Sup2: 15.2963, Res1: 15.5762, Res2: 15.6267
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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