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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 +0.10% higher this morning, mirroring price action in the BBDXY – which is starting to turn lower.
- The cross held a choppy 1.14% range yesterday around the minutes as markets gauged the Fed’s willingness to start the balance sheet run-off as early as May and consider one or more +50bp hike in what is looking more and more like a front-loaded cycle to tame high inflation and expectations.
- The focus for SA will be on whether this exerts pressure on the SARB to boost the size of its hikes in response, with the MPC split currently on a knife edge going into the next meetings.
- USD/ZAR has pulled back from 14.70 this morning with key pivot resistance above at 14.7368.
- SA’s terms of trade have risen off their March lows, but have moderated significantly from their highs – reducing support for ZAR in risk-off conditions. Price action should trade mostly in line with the BBDXY today and broad risk sentiment.
- Intraday Sup1: 14.6166, Sup2: 14.6128, Sup3: 14.5794, Res1: 14.7368, Res2: 14.784
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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