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ZAR spirals as mini-budget.........>

EMERGING MARKETS
EMERGING MARKETS: ZAR spirals as mini-budget paints bleak picture
-The release of South Africa's mini-budget outlined the government's difficult
fiscal position, with tax receipts worsening, debt servicing costs rising, fresh
funds for beleaguered state-owned enterprises and a renewed risk of a sovereign
downgrade. Markets responded by selling the ZAR in spades, prompting USD/ZAR to
rally comfortably through the 100- and then the 50-dma, hitting the highest
levels since early October.
-After trading well for much of the Wednesday session, CNH reversed course and
pulled away from the day's highs after Chile formally cancelled the APEC summit
due to be held in Santiago in November - it was at this event Trump and Xi were
seen signing 'phase one' of their trade agreement. Neither US or Chinese
officials were forthcoming with a replacement location or timing to sign off,
but Mnuchin stressed that work was still ongoing.
-Chinese manufacturing and non-manufacturing PMIs are the highlight Thursday.
The Turkish central bank release their latest inflation report and the Colombian
central bank decide rates.
MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com
MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com