Free Trial
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 +0.25% higher this morning, tracking price action in the BBDXY.
- The cross fell -0.73% yesterday, making an attempt at the 15.00 handle following the conclusion of the FOMC minutes, which were interpreted as slightly less hawkish than expected.
- Local CPI also showed signs of peaking in December at 5.9% y/y after printing at 5.7% y/y in Jan – forcing markets to trim rate hike bets slightly.
- 3x6 FRA-Jiba3m spreads narrowed 6bp to +40.5bp, while 9x12 FRAs dropped 14bp to +139bp – although both remain notably above a few local shops calling for an additional +75bp of hikes in 2022.
- Commodities continue to tick higher this morning with gold +0.31% & platinum +1.10% - supporting firmer terms of trade.
- USD weakness continues to support downside in the cross, with pressure building on the 15.00 level.
- A break through here opens up the 200dma below at 14.90. Intraday Sup1: 14.9818, Sup2: 14.8884, Res1: 15.1483, Res2: 15.2155
9x12 FRA-Jibar3m
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.
We are facing technical issues, please contact our team.
ok
Your request was sent sucessfully! Our team will contact you soon.
ok