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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 -0.28% lower this morning, retracing a portion of Friday afternoon’s move high post-NFP data that pushed the cross up to 16.148.
- The cross fell -1.23% w/w, with price action getting choppy within the 15.80-16.20 range as risk sentiment fluctuated around Fed policy expectations.
- Focus remains on the development of the Omicron variant, which appears to be highly transmissible, but less persistent and deadly at the source of the discovery in Tshwane.
- This week, Ramaphosa is expected to discuss new restrictions (potentially only for unvaccinated) and mandatory vaccination to boost SA’s immunity with unions mostly in support.
- On the data front, we have 3Q GDP – expected to show the effects of July looting, retail sales, current account and mining data due this week.
- Meanwhile, US trade balance and particularly inflation numbers will be keenly watched of USD-side drivers.
- USD/ZAR price action remained within the Bull channel pattern established back in June.
- The cross is currently caught in a range between the prior highs (16.3668) and the lower trendline of the bull channel (15.90), awaiting a breakout in either direction to confirm a more decisive near-term direction.
- Intraday Sup1: 15.9721, Sup2: 15.8821, Res1: 16.1480, Res2: 16.2383
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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