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 -0.03% lower this morning, treading water around the open, despite slightly firmer risk conditions coming through from the APAC session.
- The cross closed -0.20% lower yesterday, pulling back from 14.70 support for a current weekly change of -1.08%.
- Wage negotiations with Numsa hit yet another snag with employers revised offer being rejected, extending the strike action that is starting to be felt in supply chains across 5 regions – and looks set to extend into next week.
- With limited data on the agenda today the focus shifts to US Retail sales and domestic CPI next week amid concerns that rising energy prices may push the SARB to become more hawkish in its November meeting in line with other EM central banks.
- Momentum in USD/ZAR is somewhat mixed after price action failed to close below the 50dma at 14.7632 to form a moderately bullish dragonfly doji candle on the daily chart – reflecting indecision around the MA.
- Price action will need to close below the 50dma to resume the next downleg towards 14.60 & the 200dma.
- Intraday Sup1: 14.6978, Sup2: 14.6072, Res1: 14.8615, Res2: 14.9065
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