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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
- ZAR remains weaker on the day, with USD/ZAR looking for a clear break of the 50-dma at 16.4797 - a level that's been flirted with since the beginning of the week. A close above this mark would open further gains toward the early August highs of 16.9441 and - ultimately - the cycle best at 17.3060 posted in mid-July.
- Break-even inflation rates remain a key driver for FX, with USD/ZAR's uptick this week mimicking the recovery in 10y breakeven rates, which bottomed out at 6.31% at the tail-end of last week.
- The bounce off the lows in USD/ZAR comes as the oil-induced ZAR rally runs out of steam, with front-end vols also finding bottom. 1m implied volatility is higher today, having printed a new multi-month low of 14.7175 points earlier this week.
- Retail sales fell 0.4% on a M/M basis vs. Exp. -0.2%, with Y/Y sales dropping 2.5% against forecast -0.1%.
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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