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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 -0.10% lower this morning, broadly in line with selling pressure on the BBDXY.
- The cross failed to breach Friday’s highs, pulling back towards 14.55 with SA’s terms of trade ticking higher in the past few days.
- Lifting of the state of disaster was long overdue and should see limited impact, but the eventual full removal of all restrictions should be incrementally positive for economic activity.
- S&P PMI figures are expected to soften slightly today, but remain above the 50 mark.
- USD/ZAR is at a key tipping point with renewed risk-on capable of seeing downside momentum to 14.10 resume, while a shift to risk-off could see the cross correct higher towards 14.80-15.00.
- 14.40 represents the bear trigger to a more consolidated move lower.
- Price action remains just shy of oversold territory on the RSI at 38.36. Intraday Sup1: 14.5265, Sup2: 14.4848, Res1: 14.6128, Res2: 14.6466
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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