- Analytics
- News and Tools
- Market News
- USD/ZAR to push back to the 16.90 area on a hawkish SARB statement – ING
USD/ZAR to push back to the 16.90 area on a hawkish SARB statement – ING
Today sees the South African Reserve Bank meeting to set interest rates. A 50 bps hike should help the Rand, in the view of economists at ING.
Softer USD environment and China’s reopening story to remain a bullish cocktail for ZAR
“The majority of forecasters are looking for a 50 bps hike to 7.50%, though a few are looking for a 25 bps hike.”
“The Rand has been underperforming this year and one would have expected the huge reversal in USD/CNY to be dragging USD/ZAR much below 17.00. That has not happened, perhaps because of the weak domestic demand outlook in South Africa amid ongoing challenges in energy supply.”
“Yet a softer Dollar environment and the China reopening story should remain a bullish cocktail for the Rand and a hawkish SARB statement today could be enough to push USD/ZAR back to the 16.90 area.”
“Medium-term, we are becoming a little more bullish on the Rand.”
© 2000-2024. All rights reserved.
This site is managed by Teletrade D.J. LLC 2351 LLC 2022 (Euro House, Richmond Hill Road, Kingstown, VC0100, St. Vincent and the Grenadines).
The information on this website is for informational purposes only and does not constitute any investment advice.
The company does not serve or provide services to customers who are residents of the US, Canada, Iran, The Democratic People's Republic of Korea, Yemen and FATF blacklisted countries.
Making transactions on financial markets with marginal financial instruments opens up wide possibilities and allows investors who are willing to take risks to earn high profits, carrying a potentially high risk of losses at the same time. Therefore you should responsibly approach the issue of choosing the appropriate investment strategy, taking the available resources into account, before starting trading.
Use of the information: full or partial use of materials from this website must always be referenced to TeleTrade as the source of information. Use of the materials on the Internet must be accompanied by a hyperlink to teletrade.org. Automatic import of materials and information from this website is prohibited.
Please contact our PR department if you have any questions or need assistance at pr@teletrade.global.
Bank transfers
