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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 +0.32% higher this morning, tracking early price action in the BBDXY following yesterday’s sharp reversal higher.
- Risk sentiment flipped at the US open with equities plummeting and UST yields surging higher – sending USD/ZAR packing back to 16.00.
- For today, the cross should continue to trading in line with USD-side drivers and global risk sentiment as we receive US NFPs.
- Terms of trade have been choppy this week amid USD volatility with commodities seen giving back gains this morning (XPT -2.53%).
- From here, a break through 16.2064 opens up the next leg higher and will likely add pressure on the SARB to deliver a +50bp hike at the next meeting, while key support is defines at 14.70.
- Intraday Sup1: 15.9593, Sup2: 15.8323, Sup3: 14.7331, Res1: 16.2064, Res2: 16.3688
SA Terms of Trade
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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