FXstreet.com (Barcelona) - The USD/ZAR has traded across a very broad range today, tracing an intraday minimum of 8.1587, up to an intraday maximum of 8.2549. In these moments the cross has notched a sizable gain of +0.64% above it’s opening, settling in the area of 8.2283. Proponents of the ZAR will have to brace for a flurry of data and announcements across the United States later today, before holding onto Wednesday’s gains.
According to Neil Shearing, Chief Emerging Markets Economist at Capital Economics, “the recent sharp widening of South Africa’s current account deficit adds to mounting concerns over the direction of the economy and is another reason to expect the rand to weaken over the next six months. Moreover, unrest in the mining sector has continued along with the largely forgotten news that South Africa’s current account deficit widened sharply in Q2 of this year.
Still to come in the United States is the release of more housing data followed by Fed Chairman Ben Bernanke’s speech at 20:30 GMT.
According to Neil Shearing, Chief Emerging Markets Economist at Capital Economics, “the recent sharp widening of South Africa’s current account deficit adds to mounting concerns over the direction of the economy and is another reason to expect the rand to weaken over the next six months. Moreover, unrest in the mining sector has continued along with the largely forgotten news that South Africa’s current account deficit widened sharply in Q2 of this year.
Still to come in the United States is the release of more housing data followed by Fed Chairman Ben Bernanke’s speech at 20:30 GMT.
