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Nedbank Adjusts Rand View Weaker Amid Risk From U.S. Rates

SOUTH AFRICA
  • Nedbank analyst Walter de Wet says bank has shifted its trading range for USDZAR to 14.80-15.50 from 14.50-15.25; also adjusted fair-value estimate to 15.10 from 14.90
  • Reasons the currency may weaken include the threat of a rise in U.S. rates and how quickly it may happen; the narrowing of real policy rate differentials, providing a depreciating bias; peak in South Africa's current account surplus has most likely passed
  • "As before, we prefer to think of the rand's fair value in terms of a range rather than a point estimate largely because of the currency's volatile nature"
  • "Below this range, we would be better USD buyers, while above this range, we would view the rand as oversold
MNI London Bureau | +44 020-3983-7894 | murray.nichol@marketnews.com
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MNI London Bureau | +44 020-3983-7894 | murray.nichol@marketnews.com
BulletEM BulletEmerging Market NewsHomepage

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