The South African rand, which was the best performing currency in the first quarter among the 16 most traded currencies, thanks to a wave of risk appetite, fell for the third day in a row, as pessimism increases risk aversion, damping demand for high-yielding emergent markets currencies.
After a wave of international negative news that affected the South African currency last week, the rand started this session with a downgraded outlook
as a report today indicated that real estate prices declined the most in 13 years the last month, and speculations that in July 9 a report will show a manufacturing contraction in May, damping demand for the South African currency, which until last week, had posted more than 20 percent gains versus the U.S. Dollar this year.
USD/ZAR traded at 8.0145 as of 19:17 GMT rising from a previous rate of 7.9214.
If you want to comment on the South African rand’s recent action or have any questions regarding this currency, please, feel free to reply below.
Jul
07
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