Spot USD/ZAR deals at 18.3895, more than 1,000 pips below neutral levels, with the key near-term layer of support defined at 18.3022, which represents the low print of Jan 24. Bulls need a rally above Jan 13 high of 19.2296 to regain the upper hand.
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Commerzbank note that “repo specialness continues to erode out of year-end, but exclusively due to the rich, seasoned Bunds. Recent issues and GC remain floored around depo, suggesting that the collateral floor continues to hold.”
French final December HICP inflation was unrevised from the flash print on a rounded basis at 1.8% Y/Y (vs 1.68% in November) and 0.2% M/M (vs -0.15% prior). On a unrounded basis HICP inflation was 1.75% Y/Y, 1 hundredth softer than the flash reading. CPI inflation was also unrevised from flash at 1.3%. On an unrounded basis, CPI was 3 hundredths softer than the flash estimate at 1.32% Y/Y.
US Earnings kicks off today, big names are reporting all pre Markets, notable ones: