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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 -0.05% lower this morning, treading water somewhat above the 15.00 handle in line with some tentative BBDXY weakness in early trading.
- The cross failed to hold below 14.90 in yesterday's session, rising +0.88% on the back of USD strength in the latter part of the session.
- Today's focus shifts to mining/manufacturing data with the latter expected to tick higher as a result of July's unrest.
- On the local front, steel employers presented union Numsa with a sweetened 6% wage deal and are awaiting a response as the economic impact of the 6-day strike snowballs.
- Beyond this, US markets return from a holiday and will look ahead to US CPI and the FOMC minutes due tomorrow with the bias still towards USD longs – albeit somewhat moderated from September levels.
- USD/ZAR remains choppy within its 14.80-15.20 range, but yesterday's bullish engulfing candle pattern preceded by a number of daily candles with long downside wicks implies a slightly more bullish bias ahead of a week of vital data.
- Intraday Sup1: 14.9847, Sup2: 14.9065, Res1: 15.1367, Res2: 15.2080
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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