Free Trial

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.

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.