Some emerging market currencies perform remarkably well today, although it is worth noting that volatility is limited as the London market is closed today. The dollar has weakened since Powell's speech in Jackson Hole. The Chilean peso and the South African rand gained the most against the dollar. USDZAR pair fell 0.5% today, but for over a week we have been observing a clear change of the main trend.
USDZAR is currently testing the lower limit of a 1:1 structure. It is worth noting that the seasonality indicates potential further declines. Source: xStation5
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Create account Try a demo Download mobile app Download mobile appIt is also worth remembering that many commodities are mined in South Africa. At the moment, besides gold, mainly platinum and palladium are mined in this country. Therefore, it cannot be ruled out that in the event of a further strengthening of the ZAR, the platinum market may also react (inverted axis on the chart). Nevertheless, in the near future, it is the price of platinum that may largely affect Rand.
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