ZAR Weakens After SARB Rate Hold Surprise
Societe Generale analysts report that USD/ZAR has broken above a multi-month downtrend and reclaimed its 200-day moving average, signaling renewed upside momentum after the SARB unexpectedly held rates.
USDZAR
The South African Rand has resumed its weakening trend following a surprise rate hold by the South African Reserve Bank (SARB), according to Societe Generale analysts.
USD/ZAR broke above a multi-month descending trend line and reclaimed its 200-day moving average, suggesting renewed upside momentum for the pair. The SARB's decision to hold rates, against market expectations for a cut, has added pressure on the rand.
The technical breakout indicates further potential gains for USD/ZAR in the near term.
Source: FXStreet Forex News