ZAR: USDZAR Hits Daily Low as South Africa Removed From FATF Greylist
"*FATF REMOVES SOUTH AFRICA, NIGERIA FROM DIRTY-MONEY GRAY LIST" - bbg
"*FATF SAYS SOUTH AFRICA, NIGERIA NO LONGER SUBJECT TO MONITORING" - bbg
ZAR at a session high on these headlines - we flagged earlier this week that the FATF's consultation process is underway, and expectations that South Africa could be removed from greylist (as well as the gold rally) had been behind some of the recent outperformance.
- USDZAR nearing the Tuesday lows of 17.1971, and a break below opens the bear trigger and horizontal support into 17.0683.
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MNI: US EIA: CRUDE OIL STOCKS EX SPR -0.61M TO 414.8M SEP 19 WK
- US EIA: CRUDE OIL STOCKS EX SPR -0.61M TO 414.8M SEP 19 WK
- US EIA: DISTILLATE STOCKS -1.68M TO 123.0M IN SEP 19 WK
- US EIA: GASOLINE STOCKS -1.08M TO 216.6M IN SEP 19 WK
- US EIA: CUSHING STOCKS +0.18M TO 23.7M BARRELS IN SEP 19 WK
- US EIA: SPR +0.23M TO 406.0M BARRELS IN SEP 19 WK
- US EIA: REFINERY UTILIZATION WEEK CHANGE -0.3% TO 93.0% IN SEP 19 WK
GILT AUCTION PREVIEW: On offer next week
The DMO has announced it will be looking to sell GBP1.6bln of the 1.125% Sep-35 linker (ISIN: GB00BT7HZZ68) at its auction next Wednesday, October 1.
USDCAD TECHS: Approaching The Bull Trigger
- RES 4: 1.4019 38.2% retracement of the Feb 3 - Jun 16 bear leg
- RES 3: 1.3968 High May 20
- RES 2: 1.3925 High Aug 22 and the bull trigger
- RES 1: 1.3897 Intraday high
- PRICE: 1.3892 @ 15:30 BST Sep 24
- SUP 1: 1.3790/3727 50-day EMA / Low Aug 29 and a bear trigger
- SUP 2: 1.3709 61.8% retracement of the Jul 23 - Aug 22 bull cycle
- SUP 3: 1.3658 76.4% retracement of the Jul 23 - Aug 22 bull cycle
- SUP 4: 1.3637 Low Jul 25
Today’s rally in USDCAD undermines a recent bearish theme as the pair extends the recovery from the Sep 17 low. The pair has pierced resistance at 1.3890, the Sep 11 high. This exposes key resistance at 1.3925, the Aug 22 high and the bull trigger. Clearance of this hurdle would highlight an important short-term bullish break. Initial support to watch lies at 1.3790, the 50-day EMA.
