Global: Mostly flat, waiting for the ECB Rand: Tight ranges as the markets wait SA: All eyes on CPI Local rates: Turkey cut keeps bonds better bid Nigeria: MPC to wait and see What to watch today: • 10:00 SA CPI (Dec ) • 11:30: UK BOE minutes • 15:30: US Housing starts (Dec) • 17:00: Bank of Canada rate decision • Brazil rate decision Global, currencies and commodities Global markets are in a holding pattern ahead of tomorrow’s ECB meeting. This should keep rand moves limited. USD/ZAR opens at just under 11.60 and EUR/ZAR at 13.40. Expect around 10-cent ranges on both. The quiet tone has been set by the sideways move on the major Wall Street equity indices overnight, and Asian markets are following their lead. EXPECTATIONS: Early upside momentum is indicated by the near-term technical picture on the JSE-ALSH and JSE-TOPI. For all practical purposes both indices remain relatively range bound with clearly designated resistance and support areas marking out the upper and lower end of the range.Exposure to short-term resource counters should be held although upside momentum must be used as an opportunity to trim trading exposure in order to book recently accrued profits. Retail shares remain well supported and exposure should be retained.
Posted on: Wed, 21 Jan 2015 06:59:59 +0000
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