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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 +0.64% higher this morning, mirroring early upside in the BBDXY as the index trims yesterday’s losses.
- The cross fell -1.96% yesterday on the back of broad-based risk on, despite a softening in commodity prices from Tuesday’s highs.
- Price action failed to breach the 15.00 handle vs the USD, but ZAR continued to outperform vs the likes of GBP & EUR.
- Risks surrounding Eskom running out of diesel reserves or needing more fiscal support from Govt are a notable concern, however, as the country faces stage 4 load-shedding.
- Additionally, comments from Ramaphosa rival Magashule that the National Working Committee is becoming more influential than the NEC is an interesting political development as Ramaphosa starts positioning for the December ANC National Elective Conference.
- USD/ZAR remains pegged between the 100/50 & 200dmas at present with yesterday’s price action forming a large bearish engulfing candle up to the 200dma.
- Intraday Sup1: 14.9935, Sup2: 14.88, Res1: 15.1431, Res2: 15.2155
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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