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Rand Keeps Rallying Even As Precious Metals Reverse Gains

ZAR

Spot USD/ZAR remains under pressure and last trades at ZAR18.5609, almost 2,000 pips lower on the day. A clean break below the ZAR18.50 figure would strengthen the bearish case, opening up a couple of April intraday lows printed in the vicinity of the ZAR18.00 level.

  • The rand remains strong even as precious metals reversed their earlier gains, with the relevant index down ~0.7% on the session. Spot gold trades around $7/oz. lower on the day.
  • There have been no official announcements around the BRICS summit, with the Cabinet seemingly still undecided on how to proceed.

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