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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, tracking tentative selling pressure on the BBDXY.
- The cross moved sharply higher in yesterday's session as bullish momentum from the prior session carried it higher and then accelerated following firmer US CPI.
- ZAR remains the worst performing currency for CEEMEA, down -2.58% since Monday with bullish drivers fading after a robust rally.
- The Zuma judgement at 0900 will be watched closely as returning him to prison could spark more socio-political unrest.
- ANC staffers moving to help the party ensure its applications to the IEC is a big help for the embattled party.
- Outside of this, little on the agenda at the close of the week as we move towards the SARB next week – expected to keep policy on hold with inflation factors broadly balanced on a medium-term horizon.
- Yesterday's move higher brigs the retracement to the 38.2% Fib, closing above the 200dma but falling short of the 50dma (14.1613).
- A close above here opens the 50% (14.7294 & 61.8% Fibs (14.8864) as we move into SARB/Fed week with ZAR a key target for risk-off sentiment.
- Intraday Sup1: 14.5042, Sup2: 14.4543, Res1: 14.6273, Res2: 14.6978
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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