• South African Rand likely to see further depreciation risks

    Source: FxWire Pro - Commentary / 12 Jan 2018 16:42:24   Eastern Standard Time

    South Africa’s production data released yesterday was not able to give any momentum for the South African rand. The USD/ZAR pair continued to be at levels between 12.40 and 12.45. Even if the rise in production accelerated a bit over the earlier month to 0.9 percent, the annual rate was slightly lower than expectations at 1.7 percent, noted Commerzbank in a research report. Therefore, the data affirms the impression of a fragile rebound.

    The new leader of the ANC Cyril Ramaphosa is set to deliver a statement. On behalf of the National Executive Committee, he is expected to provide an outlook over the party’s priorities and thus its future political course. The statement is expected to illustrate that the aspiring President, on whole much hope is pinned, would have to walk a tight rope, stated Commerzbank. The South African rand is expected to see additional depreciation risks, added Commerzbank.

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