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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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Free AccessUSD/ZAR Fluctuates as Commodity Prices, Risk Sentiment Remain Volatile
- USD/ZAR trades -0.54% lower this morning, having held below the 15.50 level and its 100 & 50dmas in yesterday’s session.
- The cross remains at a key pivot point with price action pressing these MAs from the downside as risk sentiment and commodity prices fluctuate around the Ukraine situation.
- SA’s status as a net importer of oil makes it vulnerable to inflation risks from higher energy prices with 9x12 FRA-Jiba3m spreads widening to +165bp from the Feb lows at +135bp as markets anticipate upside pressure on SARB forecasts.
- The ConCourt’s decision to cancel the 2018 wage agreement is a R38bn gain for the Treasury, but unions say they will fight hard in March’s wage negotiations with the Treasury having only allocated 1.8% over the next three years for wage increases.
- USD/ZAR is currently rangebound within the 15.1431-15.5230 zone, awaiting a breakout in either direction to confirm a more decisive neat-term direction.
- Intraday Sup1: 15.2633, Sup2: 15.2155, Sup3: 15.143, Res1: 15.3663, Res2: 15.4902
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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.