CD South Africa: The rallying rand
Currencies Direct January 29th 2016 - < 1 minute read
The “Mighty Madiba” has broken through the 16.35/$ support level, and starts off at 16.08/$ (that’s no typo folks). Spurred on by a 50bp hike from the South African Reserve Bank and a 20bp rate cut from the Bank of Japan, the local unit is now setting its eyes on a break below 16/$. Not an easy task, considering the heightened event risk for today.
South African trade balance (14h00), EU inflation (12h00) and US fourth quarter GDP for 2015 (15h30) will all be released today. Have a great weekend!
Commentary by Justin Lodewyk