Don’t waste your time – keep track of how NFP affects the US dollar!
Beginner Forex book will guide you through the world of trading.
We've emailed a special link to your e-mail.
Click the link to confirm your address and get Beginner Forex book for free.
Warning! Old version of the browser!
Press one of the icons below to proceed to the official website of the developer and download the latest version of your browser.
Online Forex broker
Information is not investment advice
Goldman Sachs claims the ZAR may rise further, if global markets keep rallying. Let’s discuss it in detail.
The South African Rand has depreciated a lot during the coronavirus pandemic. Indeed, the emerging economy was struggling from many different problems. The virus spread made things even more complicated. The rand has even become one of the worst performers on the Forex market so far in 2020. However, it has already managed to recover some of its’ losses. In addition, Goldman Sachs is quite confident that the ZAR will be able to continue the recovery.
It is interesting that the ZAR has a highly positive correlation with the US stock market. The current risk-on sentiment pushed upward not only US stock indices such as S&P 500 and Nasdaq to fresh highs, but also riskier currencies. According to Investec, the rand will take further advantage of the optimistic sentiment. In the absence of negative market events, the ZAR will rise.
In addition, emerging market economies are likely to have higher interest rates than developed countries. Thus, investors are motivated to direct their capital to South Africa to get higher yields. That’s why the demand for the rand may increase. In the opposite scenario, if rates fall down, the rand will depreciate as well.
USD/ZAR has been trading for a while in a range between 17.3500 and 17.5000. Recently, it has broken the bottom of this range and escaped. It has approached the key support of 17.1800. The move below this level will drive the price even lower to the next support at 17.0500. On the flip side, it may rise to the resistance of 17.3500, which it has failed to cross a few times already. If it surges above this level, it may soar to the high of August 18 at 17.5000. Follow further news and join the flow!
Despite the negative news and worrying headlines, we recommend traders to make mental reframing of the situation. This way, you can look at the market from a different perspective. Let’s observe how you can take advantage of the uncertainties and make the fundamentals work for you!
The US Federal Reserve may refrain from more aggressive interest rate hikes in March due to geopolitical risks after Russia's special operation in Ukraine…
Hello from the far 2022! FBS analysts have used some magic to travel to the future and brought you some hilarious predictions.
The stock market has reversed, and now it’s going lower and lower…
Walmart is one of the biggest retail corporations in the US, with $244 billion in total assets. Does it worth buying amid rising prices and supply concerns that shatter the world economy?
Japan's inflation is set to reach 2% in April's reading, for the first time since 2015. But what about the weaker Yen?!
Your request is accepted.
We will call you at the time interval that you chose
Next callback request for this phone number will be available in 00:30:00
If you have an urgent issue please contact us via
Live chat
Internal error. Please try again later
