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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
- ZAR/JPY has regained some composure this morning after facing a precipitous fall in August as risk sentiment soured and shaky ZAR sentiment following a cabinet reshuffle made it an easy target for bears in bouts of risk-off
- The cross has fallen -11.72% since its peak on 7 July, moving through 7.50 and the 200dma to test the 38.2% Fibonacci retracement level at 7.1988.
- With risk sentiment seeming more stable in the early part of the week, we could see the cross firm slightly in the near-term.
- However, the Fed's Jackson Hole Symposium remains a key risk event in global markets and could see further volatility injected into the cross.
- Resistance on the topside is seen at 7.3264, and a break below Friday's low at 7.1223 opens up psychological round-number support at 7.00.
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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