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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 +0.03% higher this morning, with a buoyant USD driving the turn higher.
- The cross continued to march lower yesterday, falling -0.37% and marking and intraday low of 14.7368.
- Today’s focus will be on the SARB meeting with the MPC expected to deliver a +25bp hike and look through exogenous energy price factors.
- FY22 inflation forecasts are expected to be raised towards 5.7-6.2%, alongside the possibility of marginal downside revisions to growth.
- Implied market pricing has moderated closer to the consensus (+28.3bp), reducing the likelihood of a significant post-decision move in ZAR.
- Momentum remans bearish in the cross with 14.6539 & 14.5639 the next notable downside supports.
- ZAR also continues to outperform vs GBP & EUR – with GBP/ZAR eyeing the July 2021 lows at 19.00.
- Intraday Sup1: 14.7368, Sup2: 14.6539, Res1: 14.8133, Res2: 14.8538
GBPZAR
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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