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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 -0.22% lower this morning, mirroring early price action in the BBDXY.
- ZAR has gained +1.59% vs the greenback this week with USD weakness and improving terms of trade the key drivers.
- Political jostling continues on the local front as players start making moves for ANC presidency bids, but is still to early to reflect in ZAR.
- CPI next week will be the key data point ahead of the following week’s SARB meeting.
- Recent ZAR strength will help ease pressures somewhat on the SARB so that it can conduct its “gradual” policy normalization path amid expectations for tepid growth in 2022.
- 1x4FRA-Jibar3m spreads currently stand at +32.8bp, with 3x6 FRAs at 71.8bp.
- USD/ZAR is teetering above its 100dma at 15.2572 with price action still just shy of oversold territory on the RSI at 38.89.
- A move below the dma opens up round number support at 15.00, followed by the 200dma at 14.78.
- Intraday Sup1: 15.2963, Sup2: 15.1438, Res1: 15.473, Res2: 15.577
1x4 FRA-Jibar3m spread
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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