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.
FxWirePro launches Absolute Return Managed Program. For more details, visit http://www.fxwirepro.com/invest© FxWire Pro 2018. All rights reserved. The FxWire Pro content received through this service is the intellectual property of FxWire Pro or its third party suppliers. Republication or redistribution of content provided by FxWire Pro is expressly prohibited without the prior written consent of FxWire Pro, except for personal and non-commercial use. Neither FxWire Pro nor its third party suppliers shall be liable for any errors, omissions or delays in content, or for any actions taken in reliance thereon.