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ZAR: Rally in Gold Buoys ZAR to One-Year High

ZAR

The rally in gold to fresh record highs has bolstered downside momentum in USDZAR. The pair is testing the Jun 21 low of 17.8689 at typing, a break of which would place it at its lowest level since August 2023.

  • Gold has touched the psychological $2500 handle today, with $2528.4 – the 3.00 proj of the Oct 6- 27 - Nov 13 price swing – highlighted by our technical analyst as the next resistance level of note.
  • Given the thin domestic data slate this week, ZAR price action has largely been a function of global risk sentiment, and therefore the substantial surge in equities this week has provided a significant tailwind for the local currency. Indeed, only the Israeli shekel has outpaced the rand in terms of spot gains versus the dollar out of the major EMEA currencies this week.
  • Looking ahead, South Africa CPI data for July provides the highlight next Wednesday.
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