Free Trial

USD/ZAR Unwinds As UST Yields Move Higher; CPI in Focus

SOUTH AFRICA
  • USD/ZAR continues to drift higher after a rise in US nominal yields sparks a risk-off unwind in high-beta EMFX.
  • Commodities also still on the backfoot: gold -0.21%, platinum -0.82%.
  • Focus today on CPI data (0600GMT) expected to show a marginal uptick at 0.5% m/m (vs 0.2% prior) & 3.3% y/y (3.1% prior), while core is expected flat m/m at 0.2% & 3.4% y/y (3.3% prior) - vindicating the SARB's hawkish posturing and focus on medium-term inflationary trends.
  • Retail sales data (0900GMT) expected to improve y/y at -2.3% (-4.0% prior) & 0.5% m/m (1.8% prior).
  • Global risk sentiment & US-side factors still likely to be the primary price action drivers today.
  • Res1: 14.7677, Res2: 14.9078, Sup1: 14.6487 , Sup2: 14.6081
MNI London Bureau | +44 020-3983-7894 | murray.nichol@marketnews.com
MNI London Bureau | +44 020-3983-7894 | murray.nichol@marketnews.com

To read the full story

Close

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.