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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 -0.23% lower this morning, bucking early upside pressure in the BBDXY.
- The cross rose +0.93% yesterday as USD strength returned and traders cautiously took profit on ZAR longs against G10 crosses.
- Notably GBP/ZAR found support at 19.00 and the bull channel base with the cross in oversold territory after. Feb trade balance data saw a significant miss at +10.6bn vs 21.9bn exp, adding to ZAR weakness.
- Economists have welcomed Govt moves to offset the rise in fuel prices with a cut to the levy, but will continue to keep an eye on energy prices after Putin pledged to cut the West off unless it paid in RUB.
- The introduction of Eskom’s 9.5% tariff increase will no doubt be inflationary, but has been expected for a few months since the NERSA judgement to reduce its bid for a 20.5% increase.
- Manufacturing PMIs are expected to soften slightly to 58.3 vs 58.6 prior, but the big ticket events will be Ukraine talks and US NFPs as markets eye potential for +50bp hikes from the Fed.
- ZAR continues to trade in line with USD movements and global risk sentiment. Intraday Sup1: 14.5265, Sup2: 14.4848, Res1: 14.6466, Res2: 14.7261
GBPZAR
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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