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Rand Extends Losses Despite USD Weakness

ZAR
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Spot USD/ZAR resumed gains after a short-lived pullback from intraday highs and last deals at 18.4340, nearly 1,700 pips higher, even as the BBDXY Index has drifted lower. The rand is easily the worst EMEA performer at typing.

  • EUR/ZAR trades at 19.9755, around 2,100 pips above neutral levels. The rate is approaching the psychologically significant 20.0 figure and a break here would turn the focus to the 50-DMA at 20.1675.
  • USD/ZAR and EUR/ZAR one-week implied volatilities remain elevated ahead of the upcoming national election (May 29) and SARB monetary policy decision (May 30).
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Spot USD/ZAR resumed gains after a short-lived pullback from intraday highs and last deals at 18.4340, nearly 1,700 pips higher, even as the BBDXY Index has drifted lower. The rand is easily the worst EMEA performer at typing.

  • EUR/ZAR trades at 19.9755, around 2,100 pips above neutral levels. The rate is approaching the psychologically significant 20.0 figure and a break here would turn the focus to the 50-DMA at 20.1675.
  • USD/ZAR and EUR/ZAR one-week implied volatilities remain elevated ahead of the upcoming national election (May 29) and SARB monetary policy decision (May 30).