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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 -0.22% lower this morning, standing up well against USD strength in the aftermath of yesterday’s CPI print, which saw markets boost Fed rate hike bets to ~7 for 2022.
- Ramaphosa’s SONA speech was encouraging with its business-friendly approach and renewed show of determination, but the proof remains in the implementation-based pudding.
- The 100-day deadline to agree on a reform roadmap is a good start in this regard, but the hope is that political infighting before the December elective conference will not derail this process.
- Energy sector and labour market reforms are among the most important in boosting growth and employment and received a solid focus.
- Attention now turns to CPI data next week and the upcoming Feb Budget, which is expected to show an improvement on revenues from the MTBPS.
- USD/ZAR made a run at the 15.00 handle and support from the inverted H&S pattern, but pulled back following US CPI to form a bullish hammer candle on the daily chart.
- Attention is on the 15.00 handle and rising 200dma below at 14.8892.
- Intraday Sup1: 15.0492, Sup2: 14.9847, Res115.2963, Res2: 15.3914
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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