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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
- We previously mentioned that the momentum on ZARJPY has been looking bearish in the past two weeks after the double top at 8.8060 reached in April and June.
- After finding support at its 100DMA on Friday, ZAR weakness has led to further downward retracement on ZARJPY this week, with the pair approaching its ST key psychological support at 8.
- Next level to watch on the downside stands at 7.8740, which represents the neckline (red line).
- The surge in risk off sentiment has left ZAR vulnerable since the beginning of June; the rand stands among the worst-performing EM currencies, down 7.7% against the dollar.
Source: Bloomberg
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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