South African rand outperforms on carry and gold, SocGen says
Societe Generale strategists say the South African rand continues to outperform within CEEMEA, gaining about 2.4% against the US dollar this month as carry and gold provide support.
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Societe Generale strategists highlighted that the South African rand remains a standout performer in CEEMEA, rising roughly 2.4% against the US dollar in spot terms this month.
The note points to carry appeal and gold as supportive factors for the currency. USD/ZAR is now approaching a break below 16.00, a level it has not traded through for some time.
The strategists view the rand's strength as part of a broader supportive backdrop for the currency, with the pair moving closer to a potentially significant technical level.
Source: FXStreet Forex News