USD/ZAR has been on a winning streak recently amid a spike in oil prices and strong gold price, with eyes on the 16.20 technical resistance.
South African Rand: Gold prices support ZAR against US Dollar – TD Securities
South African Rand: ZAR outperforms on carry and Gold – Societe Generale
The rand enters the back half of July with two rate decisions stacked days apart, and the pair is caught between them.
The South African Rand has strengthened in recent weeks, with the US Dollar to Rand (USD/ZAR) exchange rate falling towards 16.23 after retreating more than 2% since the start of the year. Citi expects the Rand to remain resilient, forecasting USD/ZAR at 16.45 over the next three months before strengthening further to 16.15 over the six to.
The USD/ZAR pair was little changed on July 1 as traders reacted to hawkish remarks by South African Reserve Bank (SARB) Governor Lesetja Kganyago, who spoke at the European Central Bank (ECB) forum in Portugal. The pair was trading at 16.40, a few pips below last month's high of 16.67.
South African Rand: Growth quality weighs on ZAR – Commerzbank
USD/ZAR: Hawkish SARB test as flows reverse – BNY
The USD/ZAR is valued around the 17. 23500 realm as of this morning with an additional dose of volatility being seen early, this as financial institutions try to gauge their nervous outlooks and remain shaky.
USD/ZAR: Conflict keeps Rand pressured – Commerzbank