The recent rand recovery added against major currency counterparts. This appears to be a result of a correction in overshooting price action.
The Rand had yet another tough time in the forex markets last week, as local conditions continue to pressure the emerging-market currency.
The rand had a mixed performance in markets last week. The emerging-market ZAR faltered against a solid greenback, and the USD/ZAR appreciated
Rand turbulence was partially offset by risk-on investment sentiment in the global financial markets. Find out more in this article
The rand’s recent weakness was mainly due to a deteriorating economic outlook due to a pessimistic view on the country’s growth capabilities.
The rand was benefited from recent risk-on sentiment. The greenback weakness allowed the USD/ZAR pair to move 2.04% lower during the week.
The rand had a relatively poor performance last week, which can be partially attributed to local uncertainty in the banking sector.
The South African Q3 unemployment rate was released last week. Unemployment came in at 32.9%, down from the 33.9% reading in the previous quarter.
The SARB released South Africa’s inflation rate last week, which came in at 7.6% for October, up from last month’s 7.5%.
Last week, the rand had a phenomenal week, with the currency strengthening against all but one of the currencies we monitor.
Last week, the rand had a mixed performance, which saw it strengthening against 12 of the 19 currencies we monitor.
The South African rand had a tough round in the forex markets last week. Most emerging-market currencies ended the week in the red.
The rand had a mixed performance last week. The temporary slowdown of loadshedding, allowed it to marginally recover from its recent lows.
Last week, the South African rand had a mixed week as it strengthened against 13 of the top 19 currencies we monitor.
The rand experienced some significant fluctuation last week, as the market flipped back-and-forth on global sentiment.