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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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MNI Credit Weekly: Le Vendredi Noir
USD/ZAR Hovers Around 14.90 after Strong Close to Last Week, China Data in Focus
- USD/ZAR trades +0.15% higher this morning, hovering around the 14.90 handle in line with a slightly higher USD/CNH.
- The cross fell -1.28% on Friday for a second consecutively weaker session as sellers stepped in to consolidate the break below 15.00.
- Focus today will be on whether price action will break below the 14.80 handle and bring the 50 & 200dmas into play in the 14.60-14.70 zone.
- With little data on the agenda this week outside of PMI and Electricity production/consumption, the focus will shift to election campaigning and global risk factors – especially on the China front as a core driver of recent ZAR weakness.
- Both bonds and USD/ZAR have run into firm resistance, but will need to see more favourable risk conditions to confirm a break of their weaker trend.
- Potential removal from the UK's travel red list is a positive for SA ahead of the main tourism season, but concerns remain over a 4th wave in December as a result of general election campaigning.
- Intraday Sup1: 14.7955, Sup2: 14.6978, Res1: 14.9957, Res2: 15.0546
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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.