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Rand Ticks Away From Lows Aided By S. African GDP Data

ZAR

The pullback in spot USD/ZAR from its earlier session highs (19.2692) is facilitated by the release of expectation-beating South African Q2 GDP data. The publication of local data helps the rate deviate from the BBDXY index, which operates close to its intraday peak. When this is being typed, USD/ZAR trades at 19.1700, just over 900 pips above neutral levels.

  • South Africa's GDP rose 1.6% Y/Y in Q2, beating Bloomberg consensus forecast of +1.2%. Sequentially, seasonally adjusted GDP growth was +0.6% Q/Q versus +0.3% expected.

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