CD South Africa: Breakout
Currencies Direct April 23rd 2015 - < 1 minute read
Like a teenager going through a pimply puberty, the rand broke out in the same fashion yesterday pushing through the 12.20/$ level. The catalysts for the break; Lower than expected local inflation data, Global bond sell-offs hit the local market, and US existing home sales jumping to a 18-month high. Although the rand broke 12.20/$, it was GBP that caught the eye yesterday. A hawkish MPC meeting minute release from the UK saw the pound gain more than 1%, to start off at 18.40/£ this morning.
Commentary by Justin Lodewyk