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EURUSD is through session low

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BLOCKs, March 10Y Put Spds

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ZAR downtrend extends -ZAR.........>

EMERGING MARKETS
EMERGING MARKETS: ZAR downtrend extends
-ZAR continues its particularly poor performance this week ahead of anticipated
industrial action in early October. This helps bulls retain bullish targets at
the YTD high at 15.4995 for USD/ZAR, with the 50-dma providing first support at
14.8733. Focus remains on the legality (or otherwise) of proposed strikes due to
take place on October 7th after the country's Labour Court ruled that banking
unions were non-compliant with striking rules.
-In Asia-Pac markets, PHP is the outperformer in spite of Thursday's rate cut as
markets see the Philippine central bank holding policy unchanged for the rest of
the year. PHP's gains come in spite of Reuters reporting that the bank are to
announce a 100bps cut to bank's reserve requirement ratios - the news was
confirmed shortly afterwards.
-Mexican trade balance and Brazilian inflation data are the sole releases on the
Friday calendar.
MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com
MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com
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