USD/ZAR may challenge 20.00 in the near term – ING USDZAR SouthAfrica Banks
ZAR is fracturing along geopolitical lines. Economists at ING expect the USD/ZAR pair to test 20.00 in the near term.“The US ambassador to South Africa accused the country of shipping arms to Russia last December. USD/ZAR traded to a new record high on the news. The US ambassador has since backtracked on those comments – although it is unclear whether the accusation still stands. It will probably be hard to put this particular genie back in the bottle anytime soon.
“Even though we think a broad Dollar bear trend will carry USD/ZAR lower later this year, in the nearer term – a febrile environment suggests USD/ZAR may challenge 20.00.”Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets.
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