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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.
EM FX
- While the ZAR has been consolidating against the USD this month amid rising uncertainty and risk aversion, the RUB has been appreciating, partly driven by the strong momentum in oil prices.
- ZARRUB has consolidated by over 7% this month following a 40% appreciation in the past year as ZAR has been one of the biggest winners in the risk-on environment driven by liquidity injections from major central banks.
- The pair has been retracing higher today after finding support slightly above the 5.03level, which represents the 38.2% Fibo retracement of the 2021 low high range and the 200DMA.
- Levels to watch on the topside stands at 5.16 (100DMA), followed by 5.20 (61.8% Fibo). On the downside, next resistance to watch below 5.03 stands at 5, followed by 4.94 (23.6% Fibo).
Source: Bloomberg/MNI
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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