The South African rand, which posted several weeks of decline as a new wave of risk aversion spread around equities and currency markets, rose as the world cup stadium construction workers strike ended, raising confidence in the country as stability returned.
The South African rand was one of the most punished currencies by a new wave of risk aversion that struck markets last week, as concerns regarding the global slump rose, making the
Today the rands outlook will be at hands of a U.S. industrial production report, that will certainly direct the level of risk aversion among traders this week. If the report to be released bring optimistic numbers, it is likely that the rand will proceed to rally against low yielding currencies like the yen, otherwise, the South African currency may return to monthly record lows.
USD/ZAR traded at 8.1575 from a previous rate of 8.3120, being the South African rand one of virtually all
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