ZAR Gut Feel Commentary:
Rand under Pressure, Dollar profit-taking, US data & Fed talk key for short-term momentum
· Dollar profit-taking started yesterday & continues but not before the USD-ZAR was able to manage a test of levels north of 11.80, the first such move since the first half of Feb.
· Pressure on the rand increased as Fitch’s comments warned of South Africa potentially losing its investment grade status – confirming the agencies negative view on the SA Budget.
· USD-ZAR at the time of this report: 11.7460
· Range for the day: 11.6800/9000
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