ZAR flies in bumper volume.........>

EMERGING MARKETS: ZAR flies in bumper volume session

-Bucking the trend of global growth concerns, Q2 South African GDP data came in

well ahead of expectations (3.1% Q/Q vs. Exp. 2.5%), helping underpin an

impressive rally in the ZAR. Volumes were over double the daily average, helping

fuel USD/ZAR's drop toward first support at 15.0767. Any fall through there

opens 14.8556 (38.2% Fib support) and the 50-dma at 14.6032. TRY added to recent

gains following the break below the 100-dma in USD/TRY. This opens Fib support

at 5.7051 and the 50-dma at 5.6712.

-Elsewhere, petro-currencies performed poorly after WTI crude futures fell over

3% at some points of the session (Brent was lower by over 1.5%). This was most

evident in the RUB, which managed to print a new multi-month low against the

greenback at 67.1360. The downtick in the oil price may provide some relief for

the INR, however, which underperformed Tuesday after last week's dismal growth

data. 

-Global services PMI numbers and Hungarian retail sales are the data highlights

Wednesday.