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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 +0.43% higher this morning, holding onto gains above the 15.50 handle on the back of early BBDXY strength.
- The cross drifted +0.39% higher yesterday, following on from Friday’s bullish price action.
- The release of the expert report on July’s riots shone a light on factionalism within the ANC and the risks associated with further party degradation – adding to political headwinds ahead of the December elective conference.
- The potential collapse and delay for municipal budgets in Gauteng (SA’s mining hub) also poses a risk and highlights the complicated landscape of hung metros that resulted from the ANC’s poor local election showing.
- Locals will be focused on Ramaphosa’s SONA address (Thurs) for the ANC’s roadmap on key issues like unemployment, reforms, SOEs, corruption and social welfare – but be more critical on any signs of big dreams and impossible implementation than in previous years.
- Techs in USD/ZAR are becoming incrementally more bullish, but markets will look for a close above the 50dma to confirm this bias.
- Intraday Sup1: 15.4902, Sup2: 14.4013, Res1: 15.6681, Res2: 15.7147
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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