MNI BRIEF: Trump Likely To Let Powell Serve Full Term-Moore

MNI BRIEF: Canada Household Debt Tops $3 Trillion In 3Q

MNI BRIEF: Trump Likely To Allow Powell To Serve Term - Moore

MNI INTERVIEW2: Poland To Push For EU Defence Fund

MNI BRIEF: China To Keep Stabilising Housing Market - CEWC

MNI BRIEF: China Focus On Boosting Consumption In 2025

EZ/UK Bond Supply Calendar: Belgium ORI Facility on Friday

US EIA:NAT GAS STORAGE -190 BCF TO 3,747 BCF DEC 06 WK

MNI: US JOBLESS CLAIMS +17K TO 242K IN DEC 07 WK

MNI EXCLUSIVE: EU-Mercosur Deal Close, But Likely Short-Lived - Officials

AUSTRALIA: 2025 Election Outcome Looking More Uncertain According To Newspoll

© 1982-2024 MNI. All rights reserved.
Terms | Privacy
Log Out
Free Trial

USDZAR Reverses Monday’s Rally as Greenback Retreats

ZAR
USDZAR has steadily declined throughout Tuesday’s session and has now erased the majority of yesterday’s rally. There have been few domestic catalysts, with broad greenback weakness and a pullback in US yields likely the primary drivers. Moderate strength in commodities, notably a 0.9% uptick in gold, may also be accounting for rand outperformance.
  • From a technical perspective, a short-term bearish theme in USDZAR dominates following last week’s sell-off and breach of a number of short-term supports. A continuation lower could signal scope for a move towards 17.9434, 76.4% of the Jul 27 - Oct 6 bull leg.
  • With little data of note on the local slate for the remainder of this week, and indeed for the remainder of the year, the rand will likely continue to be driven by broader global themes as we approach the holiday period.
BulletEM BulletEmerging Market NewsHomepage
BulletEM BulletEmerging Market NewsHomepage

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.