BOC'S MACKLEM SAYS THE ECONOMY IS SOFT AND NEEDS TO STRENGTHEN

BOC MACKLEM’S WRITTEN TESTIMONY ECHOES RECENT RATE DECISION

MNI BRIEF: Bloc No Longer Supports Trudeau Minority Government

MNI China Daily Summary: Tuesday, October 29

MNI: PBOC Net Injects CNY224.4 Bln via OMO Tuesday

MNI: PBOC Sets Yuan Parity Lower At 7.1283 Tues; +2.68% Y/Y

EZ/UK Bond Supply Calendar: Belgium Synd; BTPs/CCTeu Wednesday

MNI: US CONF BOARD CONSUMER CONFIDENCE 108.7 IN OCT V SEP 99.2

MNI: US BLS: JOLTS QUITS RATE 1.9% IN AUG

EUROPEAN FISCAL: DE 2025 Budget Gap Grows; Political Risk Is Rising

CANADA: Politics Week: Trudeau Facing More Internal Dissent And Departures

CANADA: Politics Week: Trudeau Faces More Pressure To Resign

© 1982-2024 MNI. All rights reserved.
Terms | Privacy
Log Out
Free Trial

ZAR: Rand Oscillates In Narrow Range

ZAR
EM BulletBulletGlobalEmerging Market NewsRegion

USD/ZAR has been in a holding pattern amid the dearth of domestic catalysts, with global markets awaiting a flurry of earnings report out of the US as well as some key data releases from core economies. When this is being typed, the rate deals at 17.6803, just a tad lower on the day.

  • From a technical standpoint, losses beyond Sep 30 low/round figure of 17.0356/17.0000 would be a bearish signal. However, the rate remains locked in a short-term uptrend and bulls look for gains towards Sep 12 high of 18.0138.
  • The news that South African and Russian armed forces agreed to enhance their cooperation applied some pressure to the rand on Monday. Apart from having implications for relations with the West, Russia policies are divisive for the ruling government of national unity (GNU).
  • SAGB yields are generally lower and South Africa's 10-year breakeven inflation rate sits at 5.41%, slightly lower on the day. The National Treasury holds a regular bond auction today.
  • The composite BBG Commodity Index is barely change after yesterday's dip, while the precious metals subindex sits marginally above neutral levels.
  • The focus turns to South Africa's Medium-Term Budget Policy Statement (MTBPS), which will be delivered by Finance Minister Enoch Godongwana in parliament tomorrow.
202 words

To read the full story

Close

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.

USD/ZAR has been in a holding pattern amid the dearth of domestic catalysts, with global markets awaiting a flurry of earnings report out of the US as well as some key data releases from core economies. When this is being typed, the rate deals at 17.6803, just a tad lower on the day.

  • From a technical standpoint, losses beyond Sep 30 low/round figure of 17.0356/17.0000 would be a bearish signal. However, the rate remains locked in a short-term uptrend and bulls look for gains towards Sep 12 high of 18.0138.
  • The news that South African and Russian armed forces agreed to enhance their cooperation applied some pressure to the rand on Monday. Apart from having implications for relations with the West, Russia policies are divisive for the ruling government of national unity (GNU).
  • SAGB yields are generally lower and South Africa's 10-year breakeven inflation rate sits at 5.41%, slightly lower on the day. The National Treasury holds a regular bond auction today.
  • The composite BBG Commodity Index is barely change after yesterday's dip, while the precious metals subindex sits marginally above neutral levels.
  • The focus turns to South Africa's Medium-Term Budget Policy Statement (MTBPS), which will be delivered by Finance Minister Enoch Godongwana in parliament tomorrow.