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fxJul 24, 2026, 1:37 PM

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