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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 +0.23% higher this morning, flirting with the 16.00 handle on the back of a surge higher in USD/CNH as China lockdowns weigh.
- Relentless USD strength and softer global risk sentiment are also adding additional upside pressure in the cross, which has corrected +8.80% since 18 April and remains well within overbought territory on the daily chart.
- Yesterday’s daily candle formed a spinning top pattern, suggesting indecision and potential profit-taking into the highs.
- However, a reversal lower would be dependent on a shift in global risk sentiment and a softer USD.
- Key support is seen around the 38.2% & 50% Fib levels of the 13/04 – 28/04 range in the 15.2234-15.4068 range, just above the 100 & 200 dmas.
- PPI data will also be eyed today ahead of the May SARB meeting with 1x4 FRA-Jiba3m spreads currently holding around +45bp.
- Intraday Sup1: 15.8748, Sup2: 15.7965, Sup3: 15.7331, Res1: 16.005, Res2: 16.07
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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