Trial now
USDCAD TECHS

Heads North

AUDUSD TECHS

Bearish Cycle Still In Play

EURJPY TECHS

Death Cross Adding Pressure

FOREX

Risk Off Prompts Safe Haven Demand

SOUTH AFRICA
  • USD/ZAR marginally higher at the open in line with a firmer greenback and upside in USD/CNH.
  • Commodities also feeling the pinch from a firmer $, easing slightly after a bullish start to the week: Gold -0.3%, Platinum -0.97%.
  • As expected, SONA didn't really move local assets as most saw the speech as a reiteration of prior goals with a few added highlights like the broadly supported social grants extension.
  • Focus now shifts to the Feb24 budget for a clearer fiscal picture, looking tentatively optimistic on better than expected revenue collections.
  • USD/ZAR is roughly 1.54% lower this week, dialling in on 14.50 support. Sup1: 14.6147, Sup 2: 14.50, Res1: 14.6487, Res2: 14.77
MNI London Bureau | +44 020-3983-7894 | murray.nichol@marketnews.com