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Rand Comes Under Pressure As Gold Loses Shine

ZAR

Bullish impetus in USD/ZAR has gained some traction amid gains for the BBDXY index and a reversal in the earlier gold strength, with the yellow metal now trading ~$22.6/oz. below neutral levels. This has resulted in the BBG gauge of precious metals strength sliding to its worst levels in a week.

  • Spot USD/ZAR last sits at ZAR18.3217, some 2,360 pips better off, while the Rand remains the EMEA laggard. Familiar technical levels remain in play.

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