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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 -0.06% lower this morning, mirroring choppy price action in the BBDXY.
- The cross fell -1.03% yesterday, pulling back sharply from the 15.60 handle and falling 50dma above – bringing it back into the 14.80-15.50 fair value range ahead of Ramaohosa’s SONA and the Feb budget.
- Markets are expecting more by way of lofty economic promises, but hoping for more tangible signs of implementation at the SONA.
- Pressure is emerging to implement a basic income grant, and Ramaphosa’s speech will be a key indicator for this in the Feb budget.
- Yesterday’s price action formed a bearish engulfing candle as the cross remains choppy within the 15.06-15.70 range – held since 10 Jan. 15.60 & 15.20 represent key technical breakout levels in the cross.
- Intraday Sup1: 15.2120, Sup2: 15.1438, Res1: 15.3914, Res2: 15.4902
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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