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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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Free AccessUSD/ZAR Moves Away From Session Lows Amid Greenback Recovery
USD/ZAR operates at ZAR17.1485 up ~670 pips on the day, as recovery in the BBDXY index has dragged the pair off session lows. The Rand remains vulnerable to the risk-off impetus generated by worrying COVID-19 numbers and pockets of social backlash against tough restrictions in China.
- Despite the move higher in USD/ZAR over the past couple of days, our technical analyst notes that the outlook remains bearish following last week’s break of trendline support drawn from the Apr 13 low. The breach strengthens the current downtrend and signals scope for a continuation lower near-term.
- South Africa's yield curve has bear steepened, with yields last seen 2.6bp-5.3bp higher. 10-year yield has generally oscillated around last Friday's high, having a brief look above that level.
- The BBG Commodity Index has shed 1.33%. Precious metals subindex has erased earlier gains and last sits 0.12% lower on the day.
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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.