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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 +0.14% higher this morning, treading water ahead of key CPI/PPI data and a vital Fed meeting later this evening.
- PPI is set to take a notable leg higher to 8.7% y/y, while median consensus sees 5.5% y/y in headline CPI.
- Here, a firmer print brings us closer to the upper end of the SARB’s 3-6% target range, which will be of concern to the SARB, despite expectations for more balanced inflation in 2022.
- This combined with a weaker ZAR should continue to keep the bank cautious and playing catch-up to the expected Fed tightening cycle.
- however, the bank signalled its intentions to keep increases gradual in the prior meeting, given the fragility of the domestic recovery.
- USD/ZAR drifted higher in yesterday’s session in line with BBDXY price action as markets brace for a hawkish FOMC ahead of tapering and dot plot tweaks.
- Intraday Sup1: 16.0373, Sup2: 15.9742, Sup3: 15.888, Res1: 16.1717, res2: 16.2383, Res3: 16.3668
3x6 FRA-Jibar Spread
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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