Gold exceeded $2.000 per ounce. Stock futures rose on Wednesday as investors awaited further updates on stimulus talks.
USD/ZAR: stabilization planned
Information is not investment advice
The South African rand has been following a downward trajectory since its peak in early April. The spike at the beginning of June did not change this trend. It aims at the channel within 15.82 – 16.46: this is the likely zone to where the USD/ZAR will drop to pick up its pre-virus trajectory. Given the fact that the latter trajectory has been strategically bullish, we are likely to see a dip into the mentioned channel, but after that, the USD’s mild appreciation against ZAR will take place again. For this reason, go bearish in the short-term, then moderately bullish in the mid-term.
New COVID-19 cases globally have been on the rise lately, although it is too early to call them second waves in most countries.
With the pandemic claiming about 1000 lives a day in the United States, many departments said they lack the money and the staff to identify people who have been exposed, according to a survey of a 121 local agencies.
US stocks are set to open lower Friday, with investors worry over rising tensions between the US and China, deadlock over the next virus relief bill and possible disappointments from the key monthly employment report.
The pair was falling down amid the waning US dollar. However, the situation changed this month.
Dollar continues to keep firmer on the day, all eyes on the US jobs report later.