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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.
SOUTH AFRICA
- USD/ZAR trades +0.18% higher this morning, tracking early upside in the BBDXY.
- The cross rose +1.20% yesterday to move back above the 15.00 handle, having failed to break the prevailing uptrend.
- ZAR remains vulnerable at this stage with a toxic cocktail of risk-off, higher USTs, weaker PGMs and rising oil prices denting the currency's performance.
- On the local front, Unions embark on a nationwide strike which has analysts concerned about its indefinite nature at a time when the recovery narrative is so fragile.
- Both sides seem far off in their demands, and the situation will need to be monitored.
- Outside of PMI data this morning, the focus will remain on global risk conditions and the UST market, which is causing reverberations through EM rates, especially in the high-beta space.
- USD/ZAR is currently caught in the 14.80-15.20 range – looking for a breakout on either side to determine its next steps.
- Intraday Sup1: 14.9847, Sup2: 14.9065, Res1: 15.1367, Res2: 15.2080
SA 5Y CDS
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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