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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% higher this morning, tracking choppy price action in the BBDXY. The cross closed yesterday’s session mostly flat and a fraction below the 15.00 handle as negotiators poured cold water on progress in Ukraine talks.
- US equities, however, managed to end the session higher post-FOMC – supporting global risk sentiment and ZAR.
- SA’s terms of trade have plummeted in recent days, but ZAR has remained resilient with the Greenback retreating since Tuesday.
- Markets are currently leaning more towards a +25bp hike in next week’s SARB, with the exogenous nature of the oil shock being something the SARB cannot counter with tightening policy.
- ZAR strength has also neutralised a lot of FX passthrough, but could weaken slightly post-decision if the markets deem the MPC’s stance to be too dovish in the face of rising average inflation forecasts.
- Intraday Sup1: 14.8548, Sup2: 14.7583, Res1: 15.0475 (200dma), Res2: 15.1431
1x4 FRA-Jiba3m Spreads
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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