LATEST RESEARCH
Global, currency and commodities
Not all that rosyThe rand is slightly stronger against the US dollar this morning in a global environment that did not provide much direction to financial markets. While negative data releases out of the US weighed on risk sentiment, better manufacturing data out of China provided some support. Concerns over the failure to reach a conclusion in the Greek debt-swap talks and a growing likelihood that Portugal will have to follow Greece in receiving financial support to avoid a default also weighed on sentiment . . .
RESEARCH TEAM
Global markets have stabilised this week but, with investors still nervous, this hasn’t translated into meaningful ZAR and other risky assets gains. Support on USD/ZAR now covers the 7.05 – 7.08 range and it seems unlikely that it will be broken today; risks are rather for ticks up to 7.16.There is little new to report. The disappointment over the French/German summit has led to some worries that Italian and Spanish yields will blow out again but there are no signs of this as yet.
The Swiss, meanwhile, have completely failed in their attempts to control swissie strength; yesterday’s injection of liquidity into the money market resulted in the local unit strengthening . . .
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